Carlsberg readies $700M India IPO filing for second-largest brewer

Carlsberg India plans to file draft papers this month for a secondary share sale up to Rs 6,650 crore ($700M), led by Kotak, JPMorgan and Citi. The unit holds 22% market share across 14 breweries (8 owned, 6 contract), trailing only United Breweries, whose stock is down 36%.

— Source publishedMon, 8 Jun, 2026, 12:58 IST·First seen Mon, 8 Jun, 2026, 14:23 IST·Source ET Retail

What happened

Carlsberg is preparing to file draft IPO papers for its India unit this month, targeting up to $700 million via a secondary share sale. Carlsberg India, the

Key facts

  • $700 million
  • Rs 6,650 crore
  • 22% market share
  • 14 breweries
  • 8 owned
  • 6 contract
  • $3.6 billion UBL market cap
  • -36% UBL stock

Why this matters

Kotak/JPMorgan/Citi mandating a Carlsberg India listing this month signals an open window for premium beverage carve-outs in India—accelerate any subsidiary separation plans before peer issuance crowds the book.