The country’s second-largest beer maker Carlsberg India, the local arm of Danish brewing major Carlsberg Group, has filed for a $700 million (`6,700 crore) IPO through the confidential route and the issue may hit the market towards the end of the calendar year.
The brewer submitted a confidential pre-filed draft papers to the SEBI on Wednesday, according to a company statement issued on Thursday, which also said the timing of the proposed share sale will depend on regulatory approvals and prevailing market conditions.
Confidential filing allows companies to submit IPO documents to the regulator without immediately making them public, enabling them to keep details of the offering private until closer to the launch. "Carlsberg India has submitted a confidential pre-filed draft red herring prospectus to the SEBI,” the company said without offering the issue size.
However, sources said the Carlsberg India issue is likely to be about $700 million or `6,700 crore. The offer is structured as only an offer for sale (OFS), with no fresh issue and the company is looking at a post-issue valuation of about $4 billion. It has also appointed Kotak Mahindra Capital, JP Morgan Chase, and Citigroup as lead managers.
Carlsberg India controls nearly 22% of the market share with 14 breweries. The parent had in August 2024 gained 100% control of the local unit. The company entered the country in 2007, and operates 14 breweries, including eight company-owned ones and six in contract manufacturing mode.
Global alcohol companies have increasingly been evaluating ways to unlock value from their Indian operations as they seek to benefit from rising consumption in the fastest-growing economy.
French liquor major Pernod Ricard is also reportedly exploring a potential listing of its India business and has appointed advisers for the process.
