Carlsberg A/S is set to begin investor meetings as early as next week for an initial public offering (IPO) of its India business that could raise up to $600 million, according to people familiar with the matter.
Carlsberg India Ltd., the country’s second-largest brewer, could launch the IPO as early as January 2027, the people said, requesting anonymity as the information is private. The Danish brewer is seeking a valuation of $4 billion for its Indian business.
Discussions are still underway, and details such as the size, structure and timing of the transaction may change, the people said. A Carlsberg representative declined to comment.
The proposed IPO will comprise an entirely secondary share sale by the Danish parent. Carlsberg entity South Asian Breweries Pte. Ltd. plans to offload up to 86.42 million shares, equivalent to 15% of the company’s equity capital, according to the prospectus.
Carlsberg had confidentially filed draft IPO papers in July before making the filing public on October 27. It has appointed Kotak Mahindra Capital Co., Citigroup Inc. and JPMorgan Chase & Co. as managers for the offering, the prospectus showed.
Strong investor interest in Jio Platforms Ltd.’s record $3.1 billion IPO and the stock’s performance after listing have boosted confidence among companies considering large share sales. Investors’ capacity to absorb sizeable offerings could prompt more companies that have been waiting on the sidelines to advance their listing plans, potentially keeping India among the world’s busiest IPO markets through 2027.
Carlsberg India reported revenue of ₹87.09 billion for the financial year ended March 31, 2026. The company operates seven breweries and held a 21.9% market share across 16 key states and union territories in FY26, according to its prospectus.