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HomeMarket NewsGlobal brewing giant Carlsberg exploring IPO for India arm: Report
Denmark’s Carlsberg is exploring a potential IPO for its Indian arm, Moneycontrol has learned. The company has begun early talks with investment banks including Citi, JP Morgan, BofA Securities, Deutsche Bank, and Morgan Stanley. Carlsberg India, which entered the market in 2007, holds a 21% market share and posted FY24 revenues of over ₹8,000 crore with profits rising 60% to ₹323 crore. The global parent declined to comment on the move.
By Ashwin Mohan September 15, 2025, 11:15:26 PM IST (Published)
Denmark-headquartered brewing major Carlsberg is evaluating a potential initial public offering (IPO) for its Indian arm, according to a Moneycontrol report.
The company has started early discussions with investment bankers in India and has invited select advisors, including Citi, BofA Securities, Deutsche Bank, JP Morgan, and Morgan Stanley, to pitch for forming the IPO syndicate.
At this stage, there is no clarity on the size or valuation of the proposed IPO. Sources said these are preliminary talks, but the move signals Carlsberg’s interest in leveraging India’s attractive market multiples.
Carlsberg entered the Indian market in 2007 and currently holds the second position with a 21% market share, competing with companies like United Breweries, the maker of Kingfisher, and AB InBev.
The Indian arm has been performing well financially, with FY24 revenues exceeding ₹8,000 crore and profits rising 60% to around ₹323 crore.
Carlsberg Global declined to comment on the proposed IPO when approached by Moneycontrol.
