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Carlsberg plans $700M IPO of Indian unit
What’s the story
Danish brewer Carlsberg is gearing up for a major move in India.
The company is said to be preparing for an initial public offering (IPO) of its Indian operations, which could raise as much as $700 million.
The company has appointed Kotak Mahindra Capital Company and the local arms of JPMorgan Chase & Co. and Citigroup Inc. as advisers on the proposed share sale.
Draft red herring prospectus filing may begin in May
The draft red herring prospectus for Carlsberg’s IPO could be filed as early as May.
The offering is likely to include a secondary share sale by the parent company and could take place later this year.
However, specific details such as size, structure, and timing of the transaction are still being finalized and may change.
Listing trend among multinationals
A potential listing would put Carlsberg in line with other multinational companies looking to tap into the Indian market for higher local valuations.
Hyundai Motor Co., LG Electronics Inc., and Carraro India Ltd. have all listed their Indian operations in the last two years to access India’s deep domestic investor base.
Carlsberg India’s financial performance
Carlsberg India is the country’s second-largest brewer with a 22% share of the beer market.
The unit posted a revenue of around ₹90 billion ($1.1 billion) for the fiscal year ending March 2025, according to data provider Tracxn.
This strong performance makes it an attractive candidate for an IPO and potential investment from domestic investors.
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