Carlsberg India weighs IPO that could raise up to $700 Million

Danish brewer Carlsberg A/S is evaluating the possibility of listing its Indian subsidiary in a public offering that may generate as much as $700 million, according to media reports quoting people familiar with the development.

As part of the early groundwork, the company has reportedly appointed Kotak Mahindra Capital, alongside the local arms of JPMorgan Chase & Co. and Citigroup Inc., to advise on the proposed transaction.

Sources indicate that draft documents for the offering could be submitted around May 2026. The share sale, which is expected to primarily involve a secondary stake divestment by the parent company, may launch later this year. That said, discussions remain ongoing, and details including deal size, structure and timing are yet to be finalised.

The parent group has acknowledged it is reviewing strategic options to unlock value from its India operations. While a stock market listing is under consideration, the company has clarified that no definitive decision has been taken at this stage.