Carlsberg said set to start road show for $600 million India IPO

Carlsberg A/S is set to start investor meetings as early as next week for an initial public offering of its India business that could raise as much as $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, the people said, asking not to be identified as the information is private. The Danish brewer is seeking a valuation of $4 billion for the India business, the people said.

Deliberations are ongoing and details including the size, structure and timing of the transaction could still change, the people said. A representative for Carlsberg declined to comment.

The proposed Carlsberg India IPO would consist entirely of a secondary share sale by the Danish parent. Carlsberg entity South Asian Breweries Pte. Ltd. plans to sell as many as 86.42 million shares, representing 15% of the company’s equity capital, according to the prospectus. Carlsberg confidentially submitted draft IPO documents in July and made its filing public on Oct. 27.

Carlsberg has appointed Kotak Mahindra Capital Co. Ltd., Citigroup Inc. and JPMorgan Chase & Co. to manage the offering, the prospectus shows.

Strong demand for Jio Platforms Ltd.’s record $3.1 billion IPO and its post-listing performance have boosted confidence among prospective issuers looking to press ahead with large transactions. Investors’ ability to absorb such offerings could encourage more companies waiting on the sidelines to accelerate their listing plans, potentially keeping India among the world’s busiest markets for new share sales into 2027.

Carlsberg India reported revenue of ₹8,709 crore for the fiscal ended 31 March 2026. The company operates seven breweries and had a 21.9% market share across 16 key states and union territories in fiscal 2026, according to the prospectus.