Carlsberg A/S plans India IPO to raise up to US$700M
Proposed IPO could unlock value as brewer strengthens position in fast-growing Indian beer market.
INDIA – Carlsberg A/S is preparing for a potential initial public offering of its India business that could raise up to US$700 million, according to a report by Bloomberg.
The Danish brewer has appointed Kotak Mahindra Capital Co., along with the local units of JPMorgan Chase & Co. and Citigroup Inc., as advisers for the proposed listing.
People familiar with the matter said a draft red herring prospectus could be filed as early as May, with the offering likely structured as a secondary share sale by the parent company. However, the issue size, structure, and timing remain under review.
In a statement, Kenni Leth, head of external communications at Carlsberg Group, confirmed the company is evaluating strategic options.
He said, “We are exploring options to enhance shareholder value, which could include an IPO of our India business,” adding that “no final decision has been taken at this stage.”
Carlsberg India is currently the country’s second-largest brewer, accounting for approximately 22% of the domestic beer market. The business generated revenue of about ₹90 billion, US$1.1 billion, in the fiscal year ended March 2025.
The proposed listing would place Carlsberg among several multinational companies considering public offerings of their Indian operations.
Firms such as Bonfiglioli Transmission Pvt., Hindustan Coca-Cola Beverages, and Fossil Group Inc. are also assessing similar moves to capitalise on India’s strong equity valuations and active domestic investor base.
India’s beer market, valued at approximately $13 billion, is dominated by United Breweries, Anheuser-Busch InBev, and Bira 91, alongside Carlsberg India.
Industry data shows the sector is forecast to grow at a compound annual growth rate of 9.2% through 2031, supported by rising demand for premium products, expanding retail access, and shifting consumer preferences.
If completed, the IPO would allow the parent company to monetise part of its India investment while retaining exposure to future growth.
Bloomberg reported that preparations are ongoing and that advisers are working with Carlsberg to evaluate market conditions, regulatory requirements, and investor demand before any formal launch decision is finalised.
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