Carlsberg nears filing for US$700 million India IPO: sources

[NEW DELHI] Carlsberg is preparing to file draft papers for an initial public offering (IPO) of its India unit as early as June, sources said.

The potential listing can raise as much as US$700 million, the sources added, asking not to be identified because the information is private.

Carlsberg is working with Kotak Mahindra Capital and the local units of JPMorgan Chase and Citigroup on the proposed share sale.

The IPO is expected to consist of a secondary share sale by the Danish brewer and can take place later in 2026, the sources added.

Deliberations are ongoing and details including the size, structure and timing of the transaction can still change.

Representatives for Carlsberg declined to comment, beyond reiterating that the company is exploring options – including an IPO – to increase shareholder value, but no final decision has been made.

The banks did not respond to queries.

Global alcohol makers are increasingly looking to unlock value from their Indian operations, betting on rising consumption in one of the world’s fastest-growing major economies.

Pernod Ricard, the company behind Absolut Vodka and Chivas Regal Scotch whisky, has also been exploring a potential listing of its India business and has hired advisers for the process.

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Carlsberg India is the country’s second-largest brewer, with a market share of about 22 per cent, a company presentation revealed.

Established in India in 2007, the company operates 14 breweries in the country, including eight company-owned facilities and six contract manufacturing units, information on its website revealed.

The company’s closest listed peer, United Breweries, has a market value of about US$3.6 billion.

Its shares have declined roughly 36 per cent over the past year, compared with a 8 per cent drop in India’s benchmark Nifty 50 Index. BLOOMBERG