Carlsberg Group, the Danish brewer, is considering listing its Indian unit on the stock market as part of plans to launch an Initial Public Offering (IPO). The development was confirmed by the company’s CEO, Jacob Aarup Andersen.
During an investors’ call, Jacob Aarup-Andersen, CEO of Carlsberg Group, said the company is exploring the possibility of launching an IPO in India. However, he clarified that no final decision has been made yet.
He added that the company is assessing whether an IPO would create value for shareholders, emphasizing that the discussions are still at a preliminary stage. If a decision is taken to proceed with the offering, further details will be shared. For now, he said, that is all the company can disclose.
Carlsberg Plans IPO to Capitalize on Rapidly Growing Indian Beer Market
The proposed IPO is considered significant as Carlsberg Group views India as one of its fastest-growing markets. Competition in the country’s beer industry has been intensifying, with major players vying for a larger share of the market. In this context, the company is looking to unlock value from its Indian operations.
Carlsberg said its beer sales in India recorded high single-digit volume growth in 2025, with particularly strong performance in the fourth quarter. The company also expanded its market share across most states, driven largely by robust demand for premium beer offerings.
Carlsberg Group Entered the Indian Market in 2007
Carlsberg Group entered India in 2007 through a joint venture with Nepal’s Khetan Group. In recent years, the two partners were involved in a business dispute. Around two years ago, the Danish company bought out Khetan’s stake, becoming the 100% owner of its Indian operations.
Since then, Carlsberg has focused on increasing its investment in India, covering both capital expenditure and sales and marketing efforts. Recent figures show that for the fiscal year 2023-24, Carlsberg India’s net profit rose 61% to ₹323 crore, while sales grew 15% to ₹8,045 crore.
In India, Carlsberg Group from United Breweries 100 liters). UB, owned by the Dutch company Heineken, has a market capitalization of ₹42,500 crore, whereas Carlsberg values its Indian operations at around ₹30,000–35,000 crore.
