Danish brewing giant Carlsberg has confidentially filed draft papers with markets regulator Sebi for an initial public offering (IPO) of its Indian business, people familiar with the development said on Thursday.

The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately making commercially sensitive information public.

With this move, Carlsberg joins a growing list of multinational companies looking to tap India’s equity markets. South Korean conglomerates — Hyundai Motor and LG Electronics — have already listed their Indian subsidiaries to unlock shareholder value.

In February, Carlsberg Group CEO Jacob Aarup-Andersen had said the company was considering listing its India business as part of its strategy to unlock value for shareholders.

The size, valuation and timing of the proposed IPO will depend on regulatory approvals, market conditions and other factors, people familiar with the development added.

Carlsberg operates in India through popular beer brands such as Tuborg, Carlsberg Elephant and Kronenbourg 1664 Blanc. The company launched the French wheat beer brand, Kronenbourg 1664 Blanc, in India last year to strengthen its presence in the fast-growing premium beer segment.

The filing comes at a time when activity in India’s primary market is gaining momentum, supported by easing geopolitical tensions and improving investor sentiment. In June alone, six companies launched their maiden public offerings.

Moreover, Jio Platforms and the National Stock Exchange (NSE) filed their draft papers with the Sebi in June, paving the way for two of the largest public offerings in the country’s capital market history.