According to sources familiar with the situation, Carlsberg A/S is preparing to file for a public offering of its business in India. This offering could potentially raise up to $700 million and might take place as early as this week.
Carlsberg India, which is the second-largest brewer in the country, is expected to begin roadshows for investors next week, and the IPO itself could launch as early as December. Sources who wished to remain anonymous due to the confidentiality of the information reported that the proposed IPO will consist entirely of the sale of secondary shares of the Danish brewing concern. Confidential draft documents for the IPO were submitted to Carlsberg in July.
Kotak Mahindra Capital Co. and Indian subsidiaries of JPMorgan Chase & Co. and Citigroup Inc. are involved in the potential offering, knowledgeable individuals reported. However, discussions are ongoing, and details such as the size, structure, and timeline of the deal may change. A Carlsberg representative did not respond immediately to the request for comment.
The Indian IPO market has regained momentum after a sluggish first half of 2026. This year, companies have already raised about $14.4 billion through initial public offerings, putting the market on track for a strong year following the record $22 billion raised in 2025. For example, the Jio Platforms Ltd. offering of a record $3.2 billion was fully subscribed within hours of applications opening on Wednesday.
According to the company's website, Carlsberg India holds a market share of about 22% and began operations in India in 2007, managing seven breweries across the country.