Carlsberg A/S is preparing to file draft papers for an initial public offering of its India unit as early as this month, according to people familiar with the matter.

The potential listing could raise as much as $700 million, the people said, asking not to be identified because the information is private. Carlsberg is working with Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. on the proposed share sale, the people said.

The IPO is expected to consist of a secondary share sale by the Danish brewer and could take place later this year, according to the people. Deliberations are ongoing and details including the size, structure and timing of the transaction could still change.

Representatives for Carlsberg declined to comment beyond reiterating that the company is exploring options to increase shareholder value, including an IPO, but no final decision has been made. The banks didn’t respond to requests for comment.

Global alcohol makers are increasingly looking to unlock value from their Indian operations, betting on rising consumption in one of the world’s fastest-growing major economies. Pernod Ricard SA, the maker of Absolut vodka and Chivas Regal Scotch whisky, has also been exploring a potential listing of its India business and has hired advisers for the process.

Carlsberg India is the country’s second-largest brewer, with market share of about 22%, according to a company presentation. Established in India in 2007, the company operates 14 breweries across the country, including eight company-owned facilities and six contract manufacturing units, according to information on its website.

The company’s closest listed peer, United Breweries Ltd., has a market value of about $3.6 billion. Its shares have declined roughly 36% over the past year, compared with a 8% drop in India’s benchmark Nifty 50 Index.