Carlsberg has reportedly taken the first step toward listing its Indian business by confidentially submitting draft papers for an initial public offering (IPO) that could raise up to $700 million, or nearly Rs 6,650 crore, according to a Bloomberg report citing people familiar with the development. If the plans move forward as expected, the proposed public issue could be launched later this year. The offering is likely to consist entirely of a secondary share sale by the Danish brewing company, allowing it to sell part of its existing stake rather than issue fresh shares.