Danish Brewer Carlsberg Mulls Listing India Business, IPO Plans in Motion

Mumbai, September 16, 2025: Danish brewer Carlsberg A/S is planning to make its debut in the public market of India with an initial public offering (IPO) of its India business arm. The company has initiated talks with investment banks to evaluate listing options. The development is seen as the company’s strong intent to pursue one of its fastest-growing markets. However, discussions are still ongoing and nothing has been finalised as such.

Investment Banks in Discussions

The advisory mandate is being vied upon by major global investment banks including BofA Securities, Citi, Deutsche Bank, JPMorgan, and Morgan Stanley. After several years of internal discussion, the plan is finally taking shape but no final decision has been made on the structure, size, or valuation of the IPO. Either ways, it has surely created a lot of buzz among the financial institutions.

Carlsberg India’s Financial Performance

If you look at the performance of the Indian subsidiary – Carlsberg, there have been significant improvements in recent years. In FY24, the company reported revenues of over ₹8,000 crore with profits which is an overwhelming rise of 60% to ₹323 crore. The balance sheet has grown stronger because of lower capital investment requirements and better trade working capital. The brand portfolio in India includes Carlsberg Green, Carlsberg Elephant, Tuborg Green, Tuborg Strong, and Tuborg Classic.

Market Position and Operations

The firm operates seven breweries across India and holds a 21% share of the domestic beer market, making it the second-largest player after United Breweries, which is backed by Dutch major Heineken. It also competes with global rival AB InBev, which markets brands such as Budweiser and Corona in India. Recently, Carlsberg inaugurated its IT Global Capability Centre in Gurugram, underscoring its focus on India as a long-term growth hub.

Parent Strategy and Full Ownership

Carlsberg Group, established in 1847 in Denmark, highlighted India as a key growth market in its latest annual report under the “Accelerate SAIL” strategy. Last year, the group consolidated its regional operations by acquiring the minority stake of CSAPLH in its Indian subsidiary and increasing ownership in Nepal’s Gorkha Brewery, giving it near-complete control in both markets.

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