Carlsberg said to begin $700 million IPO process for India unit

A listing would position the brewer alongside a growing number of multinational companies tapping Indian markets to capitalize on higher local valuations

• Carlsberg prepares for possible $700M India unit IPO this year
• Kotak, JPMorgan, and Citigroup picked as IPO advisers
• Carlsberg India holds 22% market share and $1.1B in revenue

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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.

On September 15, Moneycontrol was the first to report that Carlsberg was weighing an IPO of its Indian arm and had invited investment banks for pitches.

Later on November 6th, Moneycontrol first reported that the global beer giant had engaged Citi and JP Morgan as advisors and commenced work on an India listing

The 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, the people said, asking not to be identified because the information is private. A draft red herring prospectus could be filed as early as May, they said.

The offering is expected to consist of a secondary share sale by the parent company and could take place later this year, the people said. Details, including the size, structure and timing of the transaction, are still being finalized and may change.

A listing would position the brewer alongside a growing number of multinational companies tapping Indian markets to capitalize on higher local valuations. 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. 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 considering a listing of its Indian business. Companies including Bonfiglioli Transmission Pvt., Hindustan Coca-Cola Beverages and Fossil Group Inc. are among others weighing similar moves.

Carlsberg Group is “exploring different options for increasing shareholder value, which may potentially include an IPO of our business in India, but no final decision has been made,” Kenni Leth, head of external communications, said in an emailed response, citing the annual report.

JPMorgan declined to comment, while Kotak and Citigroup didn’t respond to requests for comment.

Carlsberg India is the country’s second-largest brewer with about a 22% share of the beer market, according to a company presentation. The unit posted revenue of about 90 billion rupees ($1.1 billion) for the fiscal year ended March 2025, according to data provider Tracxn.