Carlsberg A/S has shortlisted Citigroup and JPMorgan as lead advisors for the Indian unit Carlsberg India IPO. People familiar with the matter said that the work has begun on the mandate and more banks could be added to the syndicate as the process advances, according to the report.
The move follows months of internal evaluation of a domestic listing amid healthy operating trends and supportive market multiples for consumer staples. Carlsberg A/S, the parent, declined to comment on “rumours and speculation,” while the banks did not respond to queries, the report added. Any eventual listing remains subject to internal approvals, regulatory clearances and market conditions.
Carlsberg India has posted improving financials. Total income rose 15.2% year-on-year to INR 8,044.9 crore in FY24, while profit increased 60.5% to INR 323.1 crore, as per RoC filings. Excise duty expense for FY24 was INR 4,877.8 crore, up 13.4% from a year earlier, according to industry data.
Carlsberg has simultaneously stepped up capex in India, committing INR 1,250 crore across a greenfield plant in Maharashtra and brownfield expansions in West Bengal and Karnataka, under an MoU signed at World Food India 2025. Management has previously said India is a priority growth market, though it has stopped short of confirming a flotation timeline.
An external market watcher said the mandate “signals serious intent, but sizing, structure and timing will hinge on regulatory clarity and valuation appetite.”
If listed, Carlsberg India would join rival United Breweries on the bourses; UBL, majority-owned by Heineken, remains the largest domestic beer player by sales. Sector dynamics have been mixed this year, with premiumisation offsetting pressure at the value end, according to recent disclosures and earnings trends.
The company markets brands such as Carlsberg, Tuborg Green, Tuborg Strong and Elephant, and operates multiple breweries across the country. With bankers now on board, the next milestones would typically include due diligence, internal reorganisation, and a DRHP filing with SEBI. A final decision on deal size, free float and timing is yet to be taken.
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