Brewery Major Carlsberg Eyes $700 Million IPO Listing For India Arm

Brewery major Carlsberg Group has initiated preparation for a potential listing of its India arm, which is likely to raise $700 million.

The Denmark-headquartered company has picked Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc as advisers on the proposed share sale, according to a Bloomberg report.

A draft red herring prospectus (DRHP) could be filed as early as May,

The upcoming offering is expected to include a secondary share sale by the parent entity, meanwhile the fine print, including the size, timing of the transaction and structure are still being finalised and may alter.

This listing will position the brewer alongside the growing scale of multi-national firms entering Indian markets, especially to capitalise on the higher value chains.

Hyundai Motor Co., LG Electronics Inc. and Carraro India Ltd. have all listed their Indian operations in the last two years to access the country’s deep domestic investor base.

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Carlsberg A/S has appointed three banks and begun preparations for a potential listing of its India unit that could raise as much as $700 million, according to people familiar with the matter.

Hyundai Motor trades at 11 times estimated earnings for this year, compared with about 32 times for its Indian unit, according to data compiled by Bloomberg.

Pernod Ricard SA, the maker of Absolut vodka and Chivas Regal Scotch whisky, is also mulling over a listing of its Indian business. Meanwhile, global players such as Hindustan Coca-Cola Beverages and Fossil Group Inc. are among others weighing similar offerings.

Currently, Carlsberg India is considered the second largest brewer in the South Asian nation with nearly 22% share of the beer market, as per the company.

In the fiscal year ended March 2025, the brewery which began operations in India in 2007 reported a revenue of $1.1 billion.