Carlsberg to court investors for India IPO of up to $600 million
Carlsberg A/S is set to begin investor meetings as early as next week for an initial public offering of its India business that could raise as much as $600 million, people familiar with the matter said. The Danish brewer is seeking a $4 billion valuation for Carlsberg India Ltd., the country's second-largest brewer, with a listing as early as January.
The offer would consist entirely of a secondary share sale by the parent. Carlsberg entity South Asian Breweries Pte. Ltd. plans to sell as many as 86.42 million shares, representing 15% of the company's equity capital, according to the prospectus. Carlsberg confidentially submitted draft IPO documents in July and made its filing public on 27 October. Kotak Mahindra Capital Co. Ltd., Citigroup Inc. and JPMorgan Chase & Co. are managing the offering.
The people cautioned that deliberations are ongoing and that details including the size, structure and timing could still change. A Carlsberg representative declined to comment.
Carlsberg India reported revenue of ₹8,709 crore for the fiscal year ended 31 March 2026. It operates seven breweries and held a 21.9% market share across 16 key states and union territories in fiscal 2026, the prospectus shows.
The move follows strong demand for Jio Platforms Ltd.'s record $3.1 billion IPO and its post-listing performance, which has boosted confidence among prospective issuers looking to press ahead with large transactions. Investors' ability to absorb such offerings could encourage more companies waiting on the sidelines to accelerate their listing plans, potentially keeping India among the world's busiest markets for new share sales into 2027.
