Carlsberg, the Danish brewer based in Copenhagen, Denmark, is preparing to publicly file documents for an initial public offering of its India business, according to a Bloomberg report carried by Business Standard. The offering could raise as much as $700 million.
The report cites people familiar with the matter who asked not to be named. They said Carlsberg India, the country’s second-largest brewer, should begin investor meetings next week and could launch the offering as early as December. The offering is expected to consist entirely of a sale of existing shares by Carlsberg. Carlsberg submitted draft offering documents confidentially in July.
Carlsberg India at a glance.
Carlsberg is working with Kotak Mahindra Capital and the India units of two US banks on the deal. The people said the size, structure and timing could still change.
Carlsberg India holds a 22% market share, according to the report. The company entered India in 2007 and runs seven breweries across the country.
The timing follows a recovery in India’s market for first-time share sales after a subdued first half of 2026. Companies have raised $14.4 billion through those sales so far this year, the report said, after a record $22 billion in 2025.
Why this matters: A European consumer brand that entered India in 2007 is preparing to list its local business there. The offering would give executives a public benchmark for how investors value a foreign company’s India operation. Increasingly, India is a source of local investor capital for global companies to fund their growth in the market.
