Carlsberg A/S is preparing to file draft papers for an IPO of its Indian unit for up to $700 million.
Working with Kotak Mahindra Capital, JPMorgan and Citigroup, the Danish brewer aims to unlock value in India’s fast-growing beer market,
Carlsberg India holds about 22% share with 14 breweries nationwide.
Carlsberg A/S is preparing to file draft papers for the initial public offering (IPO) of its Indian unit as early as this month, in a move that could raise as much as $700 million, Bloomberg reported, citing people familiar with the matter.
The IPO is expected to consist of a secondary share sale by the Danish brewer, which could take place later this year. Carlsberg is working with Kotak Mahindra Capital Co. and local units of JPMorgan & Co. and Citigroup Inc. on the proposed share sale, the report said.
1 June 2026
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Representative from Carlsberg declined to provide information beyond reiterating that the company is exploring options to increase shareholder value, including an IPO, but that no final decision has been made. The banks also did not respond to the requests for comments.
Carlsberg India is the country's second-largest brewer with a market share of about 22%. Established in India in 2007, with 14 breweries operating within the country, including eight company-owned facilities and six contractually affiliated manufacturing facilities, according to the company's website.
India's Moment for Global Brewers
The proposed listing is a part of a broader pattern of global alcohol makers looking to unlock value from their Indian operations, betting on the rising consumption in the world's fastest-growing economies.
Pernod Ricard SA, the maker of 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.
United Breweries Ltd., Carlsberg's closest listed peer, has a market value of about $3.6 billion. Though its shares have declined nearly 36% over the past year, compared with a 8% drop in India's benchmark Nifty 50 Index.
The Other Side of the Boom
This bet by international brewers, however, comes against a backdrop of mounting input cost pressure, according to a PTI report. In May 2026, industry bodies CIABC and BAI had written to state governments seeking price hike approvals of 15% to 20%, citing the sharp increase in prices of packaging materials, including glass bottles, paper cartons and aluminium, due to the supply disruptions triggered by the West Asia conflict.
Freight and logistics costs have also risen by roughly 10%, while rupee depreciation has further pushed the import costs.
BIA, which is the representative body of United Breweries, AB InBev, and Carlsberg, has sought a reduction in manufacturing levies of ₹3-5 per bulk litre as an interim relief measure, the newswire had reported.
