Carlsberg A/S Prepares for Possible Listing of India Unit

Carlsberg A/S has initiated preparations for a potential listing of its Indian subsidiary, Carlsberg India, with the aim of raising up to $700 million. The company has appointed Kotak Mahindra Capital Co., JPMorgan Chase & Co., and Citigroup Inc. as advisers for the proposed share sale.

Preparations are underway for a draft red herring prospectus, which could be submitted as early as May. The listing is expected to include a secondary share sale by the parent company and may occur later this year. However, details such as the size, structure, and timing of the listing are still being finalized and may be subject to change.

Listing in India

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A listing in India would place Carlsberg A/S among an increasing number of multinational firms entering the Indian market to benefit from higher local valuations. Other multinational firms, such as Hyundai Motor Co., LG Electronics Inc., and Carraro India Ltd., have listed their Indian divisions within the past two years.

Comparison of Valuations

The valuation of Hyundai Motor Co. is significantly lower than that of its Indian subsidiary, with a price-to-earnings ratio of 11 times this year's estimated earnings, compared to 32 times for the Indian subsidiary.

Related Developments

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Pernod Ricard SA, a leading spirits company, is also exploring the possibility of listing its Indian division. Carlsberg Group has stated that it is "exploring different options for increasing shareholder value, which may potentially include an IPO of our business in India, but no final decision has been made."

Financial Performance

Carlsberg India is the second-largest brewer in the country, with a market share of approximately 22%. The division generated 90 billion rupees ($1.1 billion) in revenue for the fiscal year ending March 2025.