Carlsberg A/S has confidentially filed draft registration papers for an initial public offering of its India unit, aiming to raise as much as $700 million.
The move marks a significant step in the brewer's strategy to monetize its operations in one of the world's fastest-growing beer markets.
The listing is expected to be underwritten by a consortium led by Kotak Mahindra Capital, with JPMorgan and Citigroup also serving as bookrunners.
The involvement of these major financial institutions underscores the scale of the transaction and the competitive interest in the deal.
This development comes as global consumer goods companies increasingly look to emerging markets for growth and capital efficiency.
By listing the India unit separately, Carlsberg can unlock value while providing local investors with direct exposure to the business.