Carlsberg Weighs IPO for India Unit as Sales Surge

Danish brewing giant Carlsberg A/S is considering an initial public offering (IPO) for its Indian business as it seeks to unlock shareholder value amid rising sales and strong market performance. Group CEO Jacob Aarup-Andersen confirmed the company’s intent to explore a listing on Indian bourses but stressed that no final decision has been taken.

Speaking during a recent investor call, Andersen acknowledged prolonged speculation around the plans and said the company is evaluating whether a public listing could create adequate value for shareholders. Legal constraints limit what he can disclose, but the Danish brewer is actively assessing options to enhance value from one of its fastest-growing markets.

Carlsberg has seen robust volume growth in India, reporting high single-digit increases in 2025, with strong demand for brands like Tuborg Strong and Carlsberg Elephant. The company also launched Kronenbourg 1664 Blanc in the Indian market as part of its premium portfolio expansion.

Carlsberg’s Indian subsidiary has reported significant financial gains, with net profit and sales rising sharply in recent years — a performance that has bolstered market share across key states. The move to explore an IPO follows Carlsberg’s acquisition of full ownership of its Indian operations and broader efforts to capitalise on India’s dynamic beer sector.

While the potential offering reflects India’s growing strategic importance within Carlsberg’s global portfolio, executives have underscored that final timing and structure will depend on market conditions and shareholder value considerations.