Carlsberg India IPO: Company files updated DRHP with SEBI for OFS-only issue

Danish brewing giant Carlsberg's Indian arm, Carlsberg India Ltd, has filed updated draft papers with markets regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed IPO is solely an offer for sale (OFS) component of up to 8.64 crore shares by promoter South Asian Breweries Pvt Ltd. There is no fresh issuance of shares, according to the updated draft red herring prospectus (DRHP) dated October 27.

Since there is no fresh issue component, the company will not get any funds from the issue. The money raised will go to selling shareholder.

"Our company expects that the proposed listing of its equity shares will enhance our visibility and brand image as well as provide a public market for the equity shares in India," the company, which had received SEBI's nod for IPO on October 1, said.

Carlsberg India Ltd operates in India with popular brands such as Carlsberg Elephant, Tuborg and Kronenbourg 1664 Blanc.

As of June 2026, it operates through a network of seven owned breweries and eight co-manufacturers (third-party companies that manufacture and bottle its products). It is one of the fastest-growing domestic alcoholic beverage (alcobev) companies by revenue CAGR from FY24 to FY26, according to a CRISIL report.

On the financial front, the company posted a 2.2% decline in revenue from operations to ₹8,708.8 crore in the financial year 2025-26. However, its profit advanced 22% to ₹534.51 crore during the fiscal year.

Citigroup Global Markets India, JPMorgan India and Kotak Mahindra Capital Company are the issue's book-running lead managers, while MUFG Intime India is the registrar.

The company's shares will be listed on the NSE and the BSE.