Carlsberg A/S has appointed three banks and started preparations for a possible listing of its India unit that could raise up to $700 million, according to a Bloomberg report citing people familiar with the matter.
The company has selected Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. as advisers on the proposed share sale, the people said, requesting anonymity as the information is private. A draft red herring prospectus could be submitted as early as May, they added.
The offer is expected to include a secondary share sale by the parent company and may happen later this year, the report said. Details such as the size, structure, and timing are still being finalised and may change.
Multinational firms entering Indian stock market
A listing would place the brewer among an increasing number of multinational firms entering Indian markets to benefit from higher local valuations. Hyundai Motor Co., LG Electronics Inc., and Carraro India Ltd. have all listed their Indian divisions within the past two years to tap into the country’s extensive domestic investor base. Currently, Hyundai Motor trades at 11 times this year’s estimated earnings, whereas its Indian subsidiary trades at roughly 32 times, according to data compiled by Bloomberg.
Pernod Ricard SA, known for Absolut vodka and Chivas Regal Scotch whisky, is also exploring the possibility of listing its Indian division, the report said.
Carlsberg Group is “exploring different options for increasing shareholder value, which may potentially include an IPO of our business in India, but no final decision has been made,” the report said, quoting Kenni Leth, head of external communications, who said in an emailed response.
Livemint could not independently verify the report.
Carlsberg India is the second-largest brewer in the country, with approximately 22% market share, the report cited a company presentation. The division generated roughly 90 billion rupees ($1.1 billion) in revenue for the fiscal year ending March 2025, the report quoted data provided by Tracxn.
