Carlsberg is exploring a potential initial public offering (IPO) of its Indian subsidiary, according to several reports. The group has entered early-stage talks with investment banks including Citi, JP Morgan, BofA Securities, Deutsche Bank, and Morgan Stanley. While the size and valuation of the offering are not yet defined, the move follows two years of internal deliberations and signals Carlsberg’s intent to leverage India’s strong growth outlook.
Carlsberg entered the Indian market in 2007. Today, the company is battling AB InBev India for the number two spot in the market, with both brewers controlling roughly 20% each. Market leader United Breweries, owned by Heineken, continues to dominate with a share of about 50%. Carlsberg operates seven breweries across the country and recently expanded further with the opening of an IT Global Capability Center in Gurugram.
Financially, the Indian arm has shown robust growth. In fiscal year 2024, revenues exceeded INR 8,000 crore (approx. USD 960 million), while profits rose 60% to INR 323 crore (approx. USD 39 million). The brand portfolio includes Carlsberg Green, Carlsberg Elephant, Tuborg Green, Tuborg Strong, and Tuborg Classic.
Carlsberg has also consolidated its South Asian operations by acquiring CSAPLH’s 33% stake in Carlsberg South Asia (CSAPL) and an additional 9.94% stake in Gorkha Brewery in Nepal, giving it full control of its Indian business and nearly all of its Nepalese arm (inside.beer, 29.11.2024). This structure enables faster capacity expansion, brand development, and broader distribution.
Although no final decision has been made, the potential IPO underlines Carlsberg’s strategy to secure long-term growth in one of the world’s most promising beer markets.
