Carlsberg files draft papers for India IPO
Carlsberg has submitted draft papers for an initial public offering of its Indian business. The company’s Indian operations have seen significant growth, with market share increasing from 5% in 2011 to 23% in 2025.
The Indian business delivered high single-digit percentage growth last year, driven by economic expansion and increasing preference for beer. Carlsberg’s total organic volumes fell 2% to 148 million hectolitres in 2025, while organic revenue dipped 0.6% to Dkr89.1bn, then $14bn.
The company has allocated a Rs12.5bn, or $140.7m, investment framework to support its regional strategy in India. This investment is part of a memorandum of understanding signed with the Indian government last September.
The progress and timing of the potential IPO will depend on regulatory review and approvals, as well as prevailing market conditions.