Carlsberg India appears to be moving closer to a stock market listing. The brewer has strengthened its board by bringing in four new directors and has converted itself into a public limited company, an important step for any company preparing for an initial public offering (IPO), reported The Economic Times.
The company, known for brands such as Carlsberg and Tuborg, is reportedly preparing for a potential listing that could value its India business at around Rs 30,000-35,000 crore.
As part of its governance overhaul, Carlsberg India has appointed four new directors to its board.
The new appointees are Samaresh Parida, a former executive at PepsiCo, former Union health secretary CK Mishra, former L’Oral India chairman and managing director Amit Jain, and Gurveen Singh, chief human resources officer at Reckitt Benckiser, mentioned the report.
According to officials familiar with the matter, the appointments bring expertise in consumer goods, public policy, leadership and human resources as the company prepares for the next stage of its growth.
Experts say converting into a public limited company is one of the first major steps towards an IPO.
According to Vimal Taparia, partner at Morphis Management Services, a Mumbai-based IPO advisory firm, converting into a public limited company marks the beginning of a company’s IPO journey, the report mentioned.
He explained that while private companies can operate with only a few directors, public companies are required to have a broader and more balanced board structure.
Taparia explained that regulators require companies going public to have a balanced board with adequate independent representation to safeguard the interests of minority investors and ensure stronger corporate governance.
Carlsberg India reported net sales of Rs 8,939 crore and a net profit of Rs 443 crore in FY25.
Its rival, United Breweries, remains significantly larger with revenue of Rs 19,400 crore during the same period. However, United Breweries reported a similar net profit of Rs 442 crore.
Speculation about a Carlsberg India listing has been circulating for some time.
In February, Carlsberg chief executive Jacob Aarup-Andersen confirmed that the company was exploring the possibility of an IPO for its India business.
However, he clarified that no final decision has been taken and that the company is still evaluating whether a stock market listing would create sufficient value for shareholders.
Here, it must be mentioned that India continues to be one of the world’s largest beer markets, supported by a young population, rising incomes and favourable demographics. United Breweries currently controls around half of the country’s beer market, followed by AB InBev and Carlsberg.