Brewing giant Carlsberg is preparing an application for an initial public offering of its Indian business and could file draft documents as early as this month. The listing could raise up to 700 million dollars, Bloomberg News reports, citing sources.
According to the reports, the offering is expected to consist of a secondary share sale by the Danish brewing group and could be completed later this year. Carlsberg is working with Kotak Mahindra Capital as well as the local units of JP Morgan Chase and Citigroup on the transaction.
Carlsberg India is the country's second-largest brewer with a market share of approximately 22 percent. The company was established in India in 2007 and operates 14 breweries in the country.
Carlsberg has previously stated that a listing of the Indian operations is being considered.
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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