Carlsberg explores India IPO as revenues cross US$113.8M in FY24
Carlsberg begins talks with global investment banks to explore an IPO of its Indian operations after record-breaking revenue growth.
INDIA – Carlsberg A/S, the Danish multinational brewer, is exploring an initial public offering (IPO) of its Indian operations following record-breaking revenue in FY24.
According to reports, the company has begun preliminary discussions with potential advisors, marking the first step in a possible public listing.
Investment banks including BofA Securities, Citi, Deutsche Bank, JPMorgan, and Morgan Stanley have been approached this month to pitch advisory services for the proposed listing. While discussions remain at an early stage, the brewer has not yet decided on the size or valuation of a potential IPO.
Sources suggest that India’s attractive market multiples have been a key driver in Carlsberg’s consideration of a listing after two years of internal deliberations.
Carlsberg India reported revenue exceeding Rs 8,000 crore (US$113.8M) in FY24 and a 60% increase in profit to Rs 323 crore, its highest-ever performance in the country. This milestone brings the company close to US$1 billion in sales.
The brewer’s portfolio includes flagship brands such as Carlsberg Green, Carlsberg Elephant, Tuborg Green, Tuborg Strong, and Tuborg Classic.
With seven breweries across India, Carlsberg competes with major players including United Breweries (owned by Heineken) and AB InBev.
The company also launched its first IT Global Capability Center in Gurugram, underscoring its commitment to strengthening operations in the Indian market.
India is a key growth market for Carlsberg, with a 21% share of the domestic beer market, according to its 2024 annual report.
The company has consolidated its operations between India and Nepal, acquiring full ownership of its Indian business and nearly 100% of Nepal’s Gorkha Brewery. This consolidation is expected to accelerate investment in capacity expansion, brand development, and distribution.
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