By Rajesh Mascarenhas
Carlsberg A/S is preparing to publicly file documents for an initial public offering of its India business, which could raise as much as $700 million, as early as this week, according to people familiar with the matter.
Carlsberg India, the country’s second-largest brewer, is expected to begin investor roadshows next week and could launch the IPO as early as December, the people said, asking not to be identified because the information is private. The proposed IPO is expected to consist entirely of a secondary share sale by the Danish brewer, the people said. Carlsberg confidentially submitted draft IPO documents in July.
Carlsberg is working with Kotak Mahindra Capital Co., as well as the Indian units of JPMorgan Chase & Co. and Citigroup Inc., on the proposed offering, people familiar with the matter have said.
Deliberations are ongoing and details including the size, structure and timing of the transaction could change, the people said. A representative for Carlsberg didn’t respond immediately to a request for comment.
India’s IPO market has regained momentum after a subdued first half of 2026. Companies have raised about $14.4 billion through first-time share sales so far this year, putting the market on course for another strong year after a record $22 billion was raised in 2025. Jio Platforms Ltd.’s record $3.2 billion offering was fully subscribed within hours of opening for bids on Wednesday.
Carlsberg India has a market share of about 22%. The company, which entered India in 2007, operates seven breweries across the country, according to its website.