Tuborg maker Carlsberg India moves closer to IPO, files updated DRHP for complete OFS issue

Danish brewing giant Carlsberg’s Indian subsidiary has moved closer to its stock market debut after filing an updated draft prospectus with market regulator Sebi for an initial public offering (IPO) comprising 8.64 crore shares, joining a growing list of multinational companies seeking to unlock the value of their Indian businesses.

The proposed offering will consist entirely of an offer for sale (OFS) of 86.42 million equity shares by existing shareholders, according to the updated draft red herring prospectus dated October 27.

Since the issue is entirely an OFS, Carlsberg India will receive no proceeds from the share sale. The money raised will go to the selling shareholder.

The company has yet to announce its IPO price band, subscription dates or the total amount it intends to raise.

Carlsberg India had initially submitted its IPO documents through Sebi’s confidential filing route in July 2026. The regulator cleared the pre-filing earlier this month, allowing the company to proceed with the public filing.

According to earlier Bloomberg reports, the offering could raise as much as $700 million, with the company considering a launch as early as December, subject to market conditions.

The company has appointed Kotak Mahindra Capital, Citigroup Global Markets India and JP Morgan India as book-running lead managers.Carlsberg India’s planned listing comes amid growing interest from multinational companies in India’s equity markets, where valuations have encouraged foreign parents to sell stakes in their local subsidiaries.

South Korean automaker Hyundai Motor raised Rs 27,870 crore through its Indian subsidiary’s IPO in October 2024, which was then the country’s largest public offering. LG Electronics India followed with an Rs 11,607 crore IPO in October 2025, allowing its South Korean parent to monetise part of its investment in the Indian consumer electronics business.

Both offerings were structured entirely as offers for sale. Carlsberg is now looking to follow a similar route, offering public market investors an opportunity to own shares in one of India’s largest brewing companies.

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The proposed issue also comes during a busy period for India’s primary market. Jio Platforms made its stock market debut on Wednesday following its Rs 30,188 crore IPO, the largest in India’s history. The offering was subscribed 22.19 times and attracted public bids worth Rs 4.9 lakh crore.

About Carlsberg India

Carlsberg India is one of the country’s leading brewing companies, competing with United Breweries, which markets the Kingfisher brand.

The company entered India in 2007 and markets beer brands including Tuborg, Carlsberg Elephant and Kronenbourg 1664 Blanc.

According to its updated prospectus, Carlsberg India operates seven company-owned breweries and works with nine third-party manufacturers across the country.

The company reported a market share of 21.9% across 16 key states and union territories, reflecting its position in India’s beer market.

Its operations cover different beer categories, including mainstream, strong and premium offerings. Carlsberg India’s listed peers include United Breweries, United Spirits, Radico Khaitan and Allied Blenders and Distillers.

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