Carlsberg India Prepares for IPO with Board Expansion and Public Limited Conversion

Carlsberg India is strengthening its governance ahead of a planned initial public offering (IPO), adding four directors to its board and converting itself into a public limited company as the brewer prepares for a potential stock market debut.

The maker of Carlsberg and Tuborg beer has appointed former PepsiCo and Vodafone executive Samaresh Parida, former Union health secretary CK Mishra, former L'Oreal India chairman and MD Amit Jain, and Gurveen Singh, chief human resources officer at Reckitt Benckiser, according to two officials who didn't wish to be named.

The appointments bring expertise across consumer goods, public policy, leadership and human resources as the Indian unit of the Danish brewer advances its listing preparations, where it could seek a valuation of about ₹30,000-35,000 crore. At present, United Breweries, which controls half the country's beer market, has a market cap of ₹35,377 crore.

"The conversion to a public limited company is where the IPO journey begins," said Vimal Taparia, partner at Morphis Management Services, a Mumbai-based boutique firm specialising in IPO advisory. "A private company can get away with 2 or 3 directors-usually the founders themselves. But the moment you want public investors to put their money in, the regulator wants to make sure there are enough independent voices in the room. Sebi requires a proper mix. It's the governance price of going public, and it exists to protect the small investor."

Carlsberg India posted net sales of ₹8,939 crore with a net profit of ₹443 crore during FY25. In comparison, rival United Breweries is twice its size with revenues of ₹19,400 crore, although net profit was similar at ₹442 crore during FY25.

Nearly two years ago, B9 Beverages, which owns Bira, too changed its name to a public limited entity, which resulted in re-registering labels and re-applying across states, resulting in literally no sales for several months despite demand for its products. The company had to write off ₹80 crore worth of products due to the name change, which amounted to a ₹80 crore one-time cost, directly impacting its profitability.

In February, Carlsberg CEO Jacob Aarup-Andersen said it is exploring an IPO of its India business, acknowledging protracted speculation about the plans.

"We are today confirming the intention to explore an IPO of India," Aarup-Andersen said on an investor call, adding that no final decision has been made. Carlsberg is assessing whether a listing would create adequate shareholder value, he said, emphasising that the discussions are exploratory.

India-a warm, tropical country with promising demographics and increasing affluence-remains one of the largest beer markets worldwide. UB controls half of the market, followed by AB InBev and Carlsberg.