Carlsberg A/S is set to file draft papers for an initial public offering of its Indian unit by June 2026, aiming to raise up to $700 million through a secondary share sale, according to sources familiar with the matter [1, 2]. The Danish brewer is partnering with Kotak Mahindra Capital and the local subsidiaries of JPMorgan Chase and Citigroup on the proposed offering [1, 2].
The IPO could take place later in 2026, although the exact size, structure, and timing remain subject to change [1, 2]. Carlsberg India currently holds about 22% of the country's beer market, making it the second-largest brewer in India [1, 2]. The company operates 14 breweries nationwide, including 8 company-owned facilities and 6 contract manufacturing units [1, 2].
In comparison, Carlsberg’s closest listed Indian peer, United Breweries, has a market valuation around $3.6 billion but has seen shares fall roughly 36% over the past year, outpacing the 8% decline in India’s Nifty 50 index [1, 2].
Global alcohol producers have been exploring ways to unlock value from Indian operations amid rising domestic consumption. Pernod Ricard is also reportedly considering an IPO for its India business and has engaged advisers to explore options [1, 2].
Carlsberg declined to comment directly on the IPO plans but said it is evaluating options to increase shareholder value and that no final decision has been made [1, 2].
The formal filing for Carlsberg India's IPO draft papers is expected as early as June 2026, with the potential share sale occurring later in the year [1, 2].
