Danish brewing major Carlsberg is reportedly preparing to begin investor meetings as early as next week for the proposed initial public offering (IPO) of its Indian subsidiary, which could raise up to $600 million.
According to a report by Bloomberg, Carlsberg India may launch its public issue in January 2027, with the parent company targeting a valuation of approximately $4 billion.
However, the offering's size, structure and timing remain under consideration and could change before the launch.
IPO To Involve 15% Stake Sale
The proposed IPO will comprise entirely an offer for sale by the Danish parent, meaning the Indian subsidiary will not receive proceeds from the share sale.
According to the prospectus, Carlsberg's Singapore-based entity, South Asian Breweries Pte Ltd, plans to sell up to 86.42 million shares, representing 15% of Carlsberg India's equity capital.
The company confidentially filed its draft IPO documents in July 2026 before making them public on Oct 27.
Kotak Mahindra Capital, Citigroup and JPMorgan Chase have been appointed to manage the proposed offering.
Investor meetings are expected to assess market appetite ahead of the potential listing.
Carlsberg India, described as the country's second-largest brewer, reported revenue of ₹8,709 crore for the financial year ended March 31, 2026.
The company operates seven breweries across India. According to its prospectus, Carlsberg India held a 21.9% market share across 16 major states and Union Territories during FY26.
The proposed listing comes amid continued investor interest in India's primary equity market.
Strong demand for Jio Platforms' reported $3.1 billion IPO and its subsequent market performance have reportedly encouraged other companies to consider large public offerings.
Market participants expect substantial listings to remain an important feature of India's equity markets into 2027.
Carlsberg's proposed transaction would provide its parent company with an opportunity to monetise part of its Indian investment while retaining majority ownership.
