Carlsberg India targets US$4B valuation in proposed US$600M IPO
The proposed listing would allow Carlsberg’s parent company to sell a 15% stake in its Indian subsidiary as it seeks to unlock value from the country’s second-largest brewer.
INDIA – Carlsberg A/S is preparing to begin investor meetings as early as next week for a potential initial public offering (IPO) of its India business, which could raise up to $600 million at an estimated valuation of $4 billion, according to Bloomberg.
The Danish brewing group is targeting a listing of Carlsberg India Ltd., the country’s second-largest brewer, as early as January. However, discussions remain ongoing, and the offering’s size, structure and timeline could change, the report said.
The proposed IPO is expected to comprise an entirely offer-for-sale (OFS), allowing Carlsberg to reduce its stake in the Indian subsidiary without the company issuing new shares.
According to its draft prospectus, South Asian Breweries Pte. Ltd., a Carlsberg subsidiary, plans to sell up to 86.42 million shares, representing 15% of Carlsberg India’s equity capital.
“Our company expects that the proposed listing of its equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India,” the company said in its preliminary IPO papers.
Carlsberg India has appointed Kotak Mahindra Capital Co., Citigroup Inc. and JPMorgan Chase & Co. as bankers to manage the offering. The company confidentially submitted its draft IPO papers in July before making the filing public on October 27.
The Indian subsidiary operates seven company-owned breweries and nine third-party manufacturing facilities across the country. It held a 21.9% market share across 16 key states and union territories in the financial year ended March 31, 2026 (FY26).
Carlsberg India reported revenue of Rs 8,709 crore (US$92.4M) during FY26, according to its updated draft prospectus.
Its latest financial performance showed mixed results. Net revenue increased 21.5% year-on-year to Rs 1,366 crore (US$144.95M) in the quarter ended June, while profit for the period declined 3.9% to Rs 158 crore.
The company’s listed competitors in India’s alcoholic beverages market include United Breweries, United Spirits, Radico Khaitan and Allied Blenders and Distillers.
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