Carlsberg moves forward with India IPO process

Carlsberg has filed draft papers for an IPO of the drinks group’s business in India.

The company submitted the pre-filed draft red herring prospectus to the Securities and Exchange Board of India (SEBI) on 1 July.

“The progress and timing of the potential IPO will depend on a number of factors, including the regulatory review and approvals, as well as prevailing market conditions,” the Tuborg brewer told Just Drinks.

Carlsberg groups its Indian operations into a wider reporting region with central and eastern Europe, withholding country-specific sales data.

In its 2025 annual report, the brewer cited India as a “compelling growth opportunity”, driven by “economic expansion, urbanisation, rising incomes and increasing preference for beer, particularly among young adults”.

It disclosed the Indian business grew its market share from 5% in 2011 to 23% in 2025, delivering “high single-digit percentage growth” last year.

The local product range includes Tuborg Green, Carlsberg Elephant and the “super-premium” 1664 Blanc.

At a group level, Carlsberg’s total organic volumes fell 2% to 148 million hectolitres in 2025, while organic revenue dipped 0.6% to Dkr89.1bn (then $14bn). Reported group revenue rose 18.8% due to the purchase of UK soft-drinks manufacturer Britvic.

To support its regional strategy, Carlsberg signed a capital expenditure memorandum of understanding with the Indian government last September.

The Rs12.5bn (then $140.7m) investment framework has been allocated to a number of projects.

Carlsberg is spending Rs5bn on a new “greenfield facility” in Ahilyanagar in Maharashtra. Another Rs4bn is earmarked for a “brownfield expansion” at its Hoogly brewery in West Bengal. The remaining capital is to fund investment in capacity at its Mysuru facility in Karnataka.

In a statement at the time, Nilesh Patel, the MD of Carlsberg’s business in India, described the country as “a priority growth market” for the company.

“Our investments in Maharashtra, West Bengal, and Karnataka underline our long-term commitment to India’s future. These projects will expand our operational capacity, create meaningful employment, and generate excise revenues for the states.”

“Carlsberg moves forward with India IPO process” was originally created and published by Just Drinks, a GlobalData owned brand.