“We are confirming our intention to bring an IPO in India today,” Arup-Andersen said on an investor call, adding that no final decision had been made.
Carlsberg is assessing whether a listing would create enough shareholder value, he said, adding that the discussions are exploratory.
agencies“If we decide to move forward, of course, we can be more specific,” he said. “But at this point, that’s all we’re saying.”
The plans to list underline the Tuborg beer maker’s aim to unlock value from one of its fastest-growing markets amid growing competition for a large chunk of India’s premiumizing beer industry.
Carlsberg said it delivered high single-digit volume growth in India in 2025, helped by a strong finish to the fourth quarter. The company strengthened market share in most states, supported by strong demand for its premium offerings.
Carlsberg entered the Indian market in 2007 through a joint venture with Nepal-based Khetan Group and has been engaged in a business conflict with its partner for the past several years. About two years ago, the Danish company bought Khaitan’s stake to own 100% of the business and said it would increase investment in India, both in terms of capital expenditure and sales and marketing.
Carlsberg India posted a 61% jump in net profit at ₹323 crore in 2023-24 with 15% sales growth at ₹8,045 crore, according to the latest available data. Rival United Breweries (UB) has double Carlsberg by sales but net profit is only 25% higher than its smaller rival, which focuses on mainstream and premium brands in select markets across India.
At six million hectoliters, India accounts for about 5% of the Carlsberg Group’s sales. One hectoliter is equal to 100 liters.
Last year, the group signed a memorandum of understanding with the Food Processing Industries Ministry to invest ₹1,250 crore over the next three years to expand its manufacturing footprint in key states.
UB, owned by Dutch brewer Heineken, has a market cap of ₹42,500 crore. Carlsberg is eyeing an overall valuation of around ₹30,000-35,000 crore, executives said.
The IPO plan comes as rivals highlight India’s growing strategic potential. “India, as we know, is now such an important strategic pillar of the company. I think we all agree that it is probably the largest frontier market globally in per capita and absolute terms,” Dolph van den Brink, chief executive officer, Heineken said on a recent earnings call.
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