Beer giant Carlsberg has appointed Kotak Mahindra Capital, along with the local units of JP Morgan and Citigroup, as advisors ahead of a possible stock market listing of its Indian business that could raise up to $700 million, sources told Bloomberg News.
The offering is expected to consist of a secondary sale of shares from the parent company, and a prospectus could be filed as early as May, although details regarding the size and timing are yet to be finalized.
Carlsberg India is the country's second-largest brewery, holding around 22 percent of the market, and reported revenues of approximately 90 billion rupees for the fiscal year ending March 2025.
Carlsberg has previously confirmed that a listing of its Indian operations is possible.
Carlsberg A/S is one of the world's leading beer producers. Net sales break down by activity as follows:
- beer production and sales: 99 million hectoliters sold in 2025 primarily under the Carlsberg and Tuborg brands;
- production, bottling, and distribution of non-alcoholic beverages: carbonated beverages, energy drinks, and mineral waters (49 million hectoliters sold in 2025).
At the end of 2025, the group had 57 breweries located in Denmark, in Poland (3), in Germany (3), in the United Kingdom (2), in Western Europe (4), in China (27), in India (7), in Asia (3), and in Central/Eastern Europe (7).
Net sales are distributed geographically as follows: Western Europe (58%), Asia (21.6%), and Eastern Europe/Central Europe/India (20.4%).
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