Carlsberg India IPO: Shareholder Value Unlock?

New Delhi, Feb 17 (PTI) Danish brewing giant Carlsberg is considering listing its India business, as it looks to unlock shareholder value in the country where it is witnessing strong growth, said its Group CEO Jacob Aarup-Andersen.

Ending speculation, Andersen, during the investor call, revealed the company’s listing plans; however, he added that no final decision has been made so far.

“We are today confirming the intention to explore an IPO in India. And we have not made any final decisions yet on that,” he said while replying to a query.

The company is exploring different options for increasing shareholder value, and that may potentially include an IPO of its business in India, he said.

However, he declined to divulge further details saying: “It also unfortunately restricts me from a legal perspective in terms of what I can say and not say around that. But … what I can say is that this exploration is driven by our aim to create shareholder value… So, we are assessing this on the back of assessing whether we can create shareholder value.”

The decision is ‘purely driven’ from a shareholder value perspective, said Andersen.

“And the assessment we are doing right now is whether it will create adequate shareholder value. Beyond that, we cannot comment more around a potential IPO. If we do make a decision to go ahead, of course, we can be more specific,” he added.

The company, which operates in India with brands such as Tuborg, Carlsberg Elephant, among others, had a high single-digit volume growth following a strong end-of-the-year performance, Andersen said in the earnings call for FY’25.

“If we look at the key markets in the region, we had another good year in India,” he said adding its Indian subsidiary strengthened its market share in most of the states.

It saw “very strong growth” for Carlsberg Elephant and continued solid growth for Tuborg Strong, its largest brand in India.

Carlsberg had last year launched Kronenbourg 1664 Blanc, the iconic French wheat beer, in the Indian market to expand its presence in the fast-growing premium side.

“The brand has come off to a good start,” said Andersen.

In 2025, Tuborg volumes were up by 2 per cent, supported by growth in China and many markets, in particular, India, Kazakhstan, and Nepal, he said.