Carlsberg, Pernod Ricard, and The Coca-Cola Company are advancing their plans for potential public listings of their Indian businesses, according to recent earnings calls. The developments reflect a growing interest among multinational beverage companies in tapping the domestic capital market to unlock value from their operations in the country.
The three global beverage makers are currently at different stages of preparation as they join a growing pipeline of large public offerings. The proposed listings remain subject to varying regulatory, corporate, and market-related considerations.
Key Points Of The Carlsberg India IPO
- Danish brewer Carlsberg has advanced the furthest by filing an updated draft red herring prospectus with the Securities and Exchange Board of India.
- Pernod Ricard is continuing preparatory work for a potential listing of its Indian business, pending board approval.
- The Coca-Cola Company is exploring a potential initial public offering of its Indian bottling operations through Hindustan Coca-Cola Holdings.
Carlsberg Files Updated Draft Red Herring Prospectus
Among the three companies, Danish brewer Carlsberg holds the most advanced position for its market debut. Chief Financial Officer Ulrica Fearn confirmed during the third-quarter earnings call for 2026 that an updated draft red herring prospectus was filed with the Securities and Exchange Board of India (SEBI) on October 28. The document is publicly available on the regulator’s website and Carlsberg’s India website.
While declining to comment on the outcome or timeline due to regulatory requirements, Fearn noted that follow-on activities are underway. “As it is customary in such a process, we are now engaging follow-on activities, including setting up interactions with potential investors,” she said. Chief Executive Officer Jacob Aarup-Andersen also confirmed that the offering is progressing and that investor meetings are being organized, while withholding further details on timeline and performance.
Pernod Ricard Continues Preparatory Work
French spirits maker Pernod Ricard is continuing preparations for a potential listing of its Indian business under instructions from its board. Executive Vice President for Finance and Technology Mauve Croizat stated during the earnings call that the board asked the company to maintain preparatory steps to stay ready for a possible decision in the coming months, though formal approval is still pending.
Pernod Ricard reported 19 per cent sales growth in India during the September quarter. The company noted that preparations for the potential offering are generating a favourable pipeline-filling effect that supports sales in the first quarter of financial year 2027. India serves as the company’s second-largest market globally after the United States and represents its largest alcoBev business in the country, posting sales of ₹27,445.80 crore in financial year 2025.
Coca-Cola Explores Bottling Operations Listing
The Coca-Cola Company is exploring a potential public listing of its Indian bottling operations through Hindustan Coca-Cola Holdings, the parent entity of Hindustan Coca-Cola Beverages. President and Chief Financial Officer John Murphy stated during the latest earnings call that the company is exploring the initiative and will provide updates as appropriate.
Initial preparations were announced in June for a potential listing on the Bombay Stock Exchange and the National Stock Exchange, subject to market conditions and regulatory approvals. The potential offering follows a significant ownership change last year in which the Jubilant Bhartia Group acquired a 40 per cent stake in Hindustan Coca-Cola Holdings. India is the fifth largest market globally for the Atlanta-headquartered company.
Frequently Asked Questions
Which company is furthest along with its India IPO plans?
Carlsberg is the furthest along among the three beverage makers, having filed an updated draft red herring prospectus with the Securities and Exchange Board of India on October 28.
What are the major markets for Pernod Ricard and The Coca-Cola Company in India?
India is Pernod Ricard’s second-largest global market after the US and its largest alcoBev business, while it ranks as the fifth largest market for The Coca-Cola Company globally.
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