Danish brewing giant Carlsberg Group is reportedly preparing to file draft papers for the initial public offering (IPO) of its Indian business as early as this month, in a move that could raise up to $700 million (approximately ₹6,650 crore). The proposed listing would be among the largest IPOs in India’s alcoholic beverages sector in recent years.
According to reports citing people familiar with the matter, Carlsberg is working with investment bankers including Kotak Mahindra Capital, JPMorgan Chase and Citigroup on the proposed share sale. While discussions are ongoing, the company could file its draft red herring prospectus (DRHP) in June, with the listing expected later this year.
The IPO is expected to be structured primarily as an offer-for-sale (OFS), meaning the Danish parent company would sell part of its stake rather than raise fresh capital for the Indian business. Such a structure would allow Carlsberg to unlock value from its India operations while benefiting from the premium valuations that many multinational subsidiaries command in Indian public markets.
Carlsberg has not officially confirmed the IPO plans. However, the company has previously stated that it is exploring various options to increase shareholder value, including a potential listing of its India business, while noting that no final decision has yet been made.
India was the world’s second-largest IPO market in 2025, raising nearly $22 billion through 367 listings, according to LSEG data cited by Reuters.
Recent developments suggest Carlsberg India may already be preparing for life as a listed company. Earlier this month, the brewer reportedly strengthened its governance structure by appointing four new directors to its board and converting itself into a public limited company. Such steps are commonly viewed as part of the groundwork for a future stock market debut.
