Carlsberg A/S has started preparations for a potential initial public offering (IPO) of its India business, which could raise up to US$700 million (RM2.73 billion), according to sources familiar with the matter.
The brewer has appointed Kotak Mahindra Capital Co and the Indian units of JPMorgan Chase & Co and Citigroup Inc as advisers for the proposed listing. A draft prospectus could be filed as early as May, the sources said, though details of the transaction, including timing, size, and structure, are still being finalised.
The offering is expected to be a secondary share sale by Carlsberg’s parent company and could take place later this year.
If completed, the IPO would place Carlsberg alongside several multinational companies that have recently listed Indian operations to tap into the country’s growing investor market. Hyundai Motor Co, LG Electronics Inc, and Carraro India Ltd have all listed in the last two years, and Pernod Ricard SA is reportedly considering a similar move.
Carlsberg India is the country’s second-largest brewer, holding roughly a 22% share of the beer market. The unit generated around 90 billion rupees (RM3.87 billion) in revenue for the fiscal year ending March 2025.
“Carlsberg is exploring options to increase shareholder value, which may include an IPO of our Indian business, but no final decision has been made,” said Kenni Leth, head of external communications at Carlsberg.
