Carlsberg A/S is getting ready to take its Indian beer business public, and the price tag is not small. The Danish brewing giant is preparing draft IPO papers for its India unit with a target of raising up to $700 million.
The filing could land as early as June 2026, with the listing structured as a secondary share sale by Carlsberg A/S. In English: the parent company would sell down some of its existing stake rather than issuing new shares, meaning it pockets the cash directly rather than funneling it into the subsidiary’s balance sheet.
India’s second-largest brewer steps into the spotlight
Carlsberg India holds roughly 22% of the Indian beer market, making it the second-largest player in the country. It generates approximately $1.1 billion in annual revenue.
The advisory bench reflects the seriousness of the effort. Kotak Mahindra Capital, JPMorgan Chase India, and Citigroup India are all guiding the preparations.
