Carlsberg brews IPO for India as sales keep rising

Mumbai: Danish brewer Carlsberg is exploring an initial public offering of its India business, said Jacob Aarup-Andersen, chief executive officer, acknowledging protracted speculations about the plans. "We are today confirming the intention to explore an IPO in India," Aarup-Andersen said on an investor call, adding that no final decision has been made. Carlsberg is assessing whether a listing would create adequate shareholder value, he said, emphasising that the discussions are exploratory. "If we do make a decision to go ahead, of course, we can be more specific," he said. "But at this stage, that's all we're saying." The listing plans underscore the Tuborg beer maker's aim to unlock value from one of its fastest-growing markets amid escalating competition for a bigger slice of India's premiumising beer industry. Live Events Carlsberg said it delivered high-single-digit volume growth in India in 2025, helped by a strong finish in the fourth quarter. The company strengthened market share in most states, backed by robust demand for its premium offerings. Carlsberg entered the Indian market in 2007 through a joint venture with Nepal-based Khetan Group and was engaged in a commercial conflict with its partner for the past several years. About two years ago, the Danish company bought out Khetan's stake to own 100% of the business and had said it would step up investments in India, in terms of both capital expenditure, and sales and marketing. Carlsberg India reported a 61% surge in net profit at ₹323 crore on a 15% sales growth at ₹8,045 crore in 2023-24, per the latest available data. Rival United Breweries (UB) is twice the size of Carlsberg by sales but its net profit is just 25% more than that of its smaller rival, which is focused on mainstream and premium brands in select markets across India. At six million hectolitres, India accounts for about 5% of Carlsberg Group's sales. One hectolitre equals 100 litres. 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 across key states. UB, owned by Dutch brewer Heineken, has a market cap of ₹42,500 crore. Carlsberg is looking at an overall valuation of about ₹30,000-35,000 crore, said executives. The IPO plan comes as rivals highlight India's rising strategic heft. "India, as we know, is such a critical strategic pillar of the company now. I think we all agree it's probably the largest frontier market globally in terms of upsides on per capita and in absolute terms," Dolf van den Brink, chief executive officer, Heineken said on a recent earnings call. (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price ...moreless (You can now subscribe to our ETMarkets WhatsApp channel) (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price ...moreless Is it hope against hope for Indian tech cos? Meesho and Valmo’s growth sprint: Can scale deliver durable advantage? A tale of two events: How IndiGo-Air India power balance changed in 6 months Saurabh Mukherjea’s long walk through the quality cycle Stock Radar: Breakout from symmetrical triangle makes Blue Star stock an attractive buy; what should investors do? These large-caps have ‘strong buy’ & ‘buy’ recos and an upside potential of up to 25% 1 2 3