Danish brewing giant Carlsberg A/S has officially signaled its intent to explore a public listing for its Indian operations. The group recently appointed Kotak Mahindra Capital, JPMorgan Chase, and Citigroup as lead advisors to manage the potential share sale. The IPO is expected to be a significant market event, with reports suggesting a capital raise of up to **$700 million**. Market analysts estimate the valuation of Carlsberg’s Indian unit at approximately **INR 30,000 crore to INR 35,000 crore** (roughly **$3.6 billion to $4.2 billion**). A draft red herring prospectus could be filed as early as May 2024. The offering is anticipated to consist primarily of a secondary share sale by the parent company. This move follows a broader trend of multinational corporations, such as Hyundai and LG, tapping into India’s deep domestic investor base to capture higher local valuations. India has been elevated to Carlsberg’s primary global growth engine, surpassing China in strategic importance. The company reported high single-digit volume growth in India for the fiscal year ending **2025**. This performance was bolstered by a strong shift toward premiumization, with the "Carlsberg Elephant" and "Tuborg Strong" brands maintaining dominant positions. The brewer currently holds a market share of approximately **17% to 21%**, securing its spot as the second-largest player in the country. To support this trajectory, the company recently committed to an investment of **INR 1,250 crore** over the next three years. This includes a recent **INR 100 crore** expansion of its Mysuru brewery to boost canning capacity. The broader Indian beer market, valued at **$9.09 billion** in 2025, is projected to grow at a compound annual rate of nearly **10%** through 2032. Growth is being driven by a massive demographic shift, with an estimated **13 million** adults reaching the legal drinking age every year. Regulatory tailwinds are also shaping the sector. The India-UK Free Trade Agreement is expected to halve import duties on luxury spirits, further accelerating the "premiumization" trend that benefits established international brands. Carlsberg's potential listing aims to unlock significant shareholder value while providing the financial flexibility needed to compete against rivals like United Breweries and AB InBev. With beer currently accounting for only a small fraction of India's total alcohol consumption compared to the regional average, the long-term runway for expansion remains exceptionally high.