Carlsberg India IPO

About Carlsberg India IPO

Carlsberg India is a subsidiary of Carlsberg A/S of Denmark. In 2024, the Danish parent had assumed 100% control of its Indian subsidiary. Currently, Carlsberg India is the second largest brewer in India with a market share of nearly 20-22%. Carlsberg India plans to shortly file its draft red herring prospectus (DRHP) likely for a proposed public issue of approximately ₹6,650 crore. The exact size of the issue, the timing and the price are yet to be worked out. Carlsberg India was established in the year 2007 and operates 7 operational breweries across India.

The Indian beer and brewing industry is dominated by 3 major players viz, United Breweries (backed by Heineken), Carlsberg India, and Anheuser-Busch InBev. The two of the most popular brands of Carlsberg in India are the Carlsberg Elephant and Tuborg. There are two trends visible in the Beer/breweries segment. Firstly, there is an increasing preference for premiumisation with focus on Craft offerings, especially in tier-1 and tier-2 cities. Secondly, India is still a low-alcohol content beer market with 44% market share for mild beer. In India, strong beer is classified as having 6% to 20% of ABV (alcohol by volumes).

Objectives of Carlsberg India IPO

Key objectives of the Carlsberg India IPO include:

• Giving an exit route to the parent company
  
• Getting the stock listed on the bourses
  
• Ensuring better visibility and brand value for the company in the market
  
• Offering an impartial measure of value for the company business
  

Industry Outlook

The Indian beer (brewery) market was pegged at ₹477 billion (IMARC estimates) as of 2025 and it is expected to grow to ₹833 billion by 2034, implying a CAGR growth of 6.5% over the next 9 years. While United Breweries (backed by Heineken NV of the Netherlands) leads the Indian beer market with over 50% market share, Carlsberg India is the second largest with a market share of 22%, and Anheuser Busch InBev slightly behind. The beer market in India is seeing a significant shift towards premium and craft offerings. The growth in the beer market over the next decade is likely to be driven by changing consumption patterns, rising disposable incomes and an expanding middle class.

The beer in India is classified on various parameters. In terms of product type, standard lager dominates with 52% market share. In terms of packaging, 40% is still dominated by glass packaging. In terms of production, macro brewery has a 69% market share in India. The general preference is for low alcohol content (44% market) and also for non-flavoured beers (73% of the market). Among the regions, North India sees the highest sales of beer, while in terms of distribution channel, supermarkets and hypermarkets account for 34% of the beer sales. The beer industry in India also faces some key challenges like a fairly stringent regulatory / taxation framework, limited rural distribution, and social acceptance barriers.

Company Information

Carlsberg India began commercial operations in India in 2007 with its first brewery at Paonta Sahib in Himachal Pradesh. Currently, Carlsberg India has 7 breweries. The 6 breweries, apart from the original brewery at Paonta Sahib are located at Alwar, Aurangabad, Kolkata, Hyderabad, Dharuhera (Haryana), and Mysuru. Apart from beer, the Carlsberg India also makes packaged drinking water and soda. These are sold under the brand names of Carlsberg Smooth Drinking Water, Carlsberg Elephant Strong Soda, Tuborg Zero Packaging Drinking Water, and Tuborg Zero Soda.

Strengths of Carlsberg India

Here are some of the key strengths of Carlsberg India.

• Positioned in the beer market in India.
• Strong premium positioning in the beer market with a strong urban blend.
• Uses the localised breweries model to give them better control over the supply chain.
• Has a diversified product portfolio of mild and strong beers to cater to all palates.

Risks of Carlsberg India

Here are some of the key risks to Carlsberg India business model.

• In India beer market still remains subject to stringent regulation and high taxation.
• Strong barriers on inter-state sale of beer, due to alcohol being a state subject. Social and cultural resistance to the consumption of beer remains quite high in India.
• While the beer market is dominated by 3 companies, new variants are a major risk.
• The company has been subjected to anti-trust scrutiny over beer price-fixing.
• An IPO can expose the company to large value fluctuation risk.
• Vulnerable to state policies as state has monopoly over sale of liquor.
• Breweries are water intensive, exposing these companies to environmental scrutiny.

Anchor Investor Bidding Date: TBA

IPO Registrar: TBA

Book Running Lead Managers: TBA

Business Model

The model of Carlsberg India is in combining its global brand image with a strong India flavour. Globally, Carlsberg and Tuborg are among the most preferred beer brands and that gives them a natural advantage in India. Also, as the Indian market moves to premium beers, it opens up multiple opportunities for Carlsberg India. The company has consciously decided to keep the supply chain local so as to be able to exercise better control.

Company Growth Trajectory

Carlsberg India revenues have grown ₹6,937 crore to ₹8,939 crore between FY23 and FY25, an absolute growth of 28.9%. During the same period, the net profits of Carlsberg India have grown from ₹203 crore to ₹443 crore, more than doubling in a span of 2 years. This was largely led by EBITDA of Carlsberg India also growing from ₹286 crore to ₹570 crore during this period.

Market Position

In the Indian beer market, Carlsberg India has seen its market share oscillate between 18% and 22%, putting it next to the leader (United Breweries). While it has the advantages of a global brand outreach, Carlsberg India is facing serious competition from local players who focus more on craft beers or boutique beers / flavoured beers etc.

How to Check Allotment Status of Carlsberg India IPO?

1. Visit the Registrar’s Website

Visit the registrar’s website and check the link for IPO allotment status. Enter your application number, DP or client ID and click on ‘Submit’ to know the status. The registrar to the IPO is yet to be finalised.

2. Check on the National Stock Exchange Website

The National Stock Exchange website has an IPO bid verification module. You can use it to check the allotment status of Carlsberg India IPO. Go to the NSE website and find the 'Invest' tab. Click on 'Verify IPO Bids' under 'Resources & Tools'.

On the IPO bid verification page, enter:

• Company name from dropdown
  
• Application number
  
• PAN
  

Then click 'Submit' to know the allotment status.

3. Check on the BSE Website

The Bombay Stock Exchange (BSE) also has an IPO allotment status page. Go to the BSE website and find the 'Investors' tab. Under 'Investors', click on 'IPO'. This will take you to the IPO allotment status page. On the BSE IPO page, follow these steps:

• Select 'Equity' from the dropdown menu
  
• Choose 'Carlsberg India' in the next dropdown
  
• Enter your application number
  
• Enter your PAN
  
• Click 'Search’ to know allotment status
  

How to Apply for the Carlsberg India IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Source: Internet Sources, Company Filings with MCA