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Carlsberg Eyes $700M India IPO
23 Feb
Summary
- Carlsberg is preparing for a potential listing of its Indian operations.
- The offering could raise as much as $700 million.
- Banks have been appointed to advise on the proposed share sale.
Carlsberg A/S, the Danish brewing giant, is reportedly preparing for a significant listing of its Indian operations, a move that could raise up to $700 million. The company has appointed Kotak Mahindra Capital Co., JPMorgan Chase & Co., and Citigroup Inc. to advise on the proposed share sale. A draft prospectus could be filed as early as May of this year.
The potential offering is expected to involve a secondary share sale by the parent company, with details regarding its size, structure, and timing still under finalization. This strategic move would position Carlsberg alongside other multinational corporations like Hyundai Motor Co. and LG Electronics Inc. that have successfully listed their Indian units to leverage higher local market valuations.
Carlsberg India holds a strong position as the country's second-largest brewer, commanding approximately a 22% share of the beer market. For the fiscal year ending March 2025, the unit reported revenues of around 90 billion rupees ($1.1 billion). The company has stated it is exploring options to increase shareholder value, which may include an IPO for its Indian business, though no final decision has been made.
