Carlsberg India may hit Dalal Street in January with $600 million IPO at $4 billion valuation

Danish brewer Carlsberg A/S could hold investor meetings soon for its India arm that could raise as much as $600 million via IPO. Talks are underway, and details like issue size and timing could still change, the report said.

The company had filed its draft papers via the confidential route in July. An updated DRHP was filed on October 27 to make details public.

The proposed initial share sale is solely an offer for sale (OFS) of 86,418,887 shares by promoter South Asian Breweries Pte Ltd.

Since there is no fresh issue, the company will not get any proceeds from the issue. The money will go to the 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 firm said in its preliminary IPO papers.

Kotak Mahindra Capital Company, JP Morgan India, and Citigroup Global Markets India are the IPO's book-running lead managers, while MUFG Intime India serves as the registrar.

Half of the net offer is kept aside for qualified institutional buyers, 35% for non-institutional investors and 15% for retail individual investors.

Carlsberg India is an alcoholic beverage company. It operates through a network of seven owned breweries and eight co-owned manufacturers. Its portfolio of internationally recognised brands, brew quality and brand strength helped it to achieve a market share of 21.9% in 16 key states and union territories in the financial year 2025-26.

The company had reported a 3.89% decline in consolidated net profit to ₹158.23 crore for the three-month period ended June 30, 2026, compared to ₹164.63 crore a year back. Its revenue from operations rose 18.32% to ₹3,013.72 crore in Q1 FY27 versus ₹2,547.16 crore in the same period of the previous fiscal year.