Carlsberg files IPO papers to raise $700 million

Mumbai: Carlsberg has confidentially filed draft papers with the Bombay Stock Exchange for an initial public offering to raise $700 million, marking the Danish brewer's first regulatory step towards listing its Indian unit. The proposed offering is being managed by Kotak Mahindra Capital, Citigroup Global Markets and JP Morgan India, which have been appointed as the book-running lead managers.

Over the past year, the Indian unit of the Danish brewer has been making its listing preparations, with a valuation of about ₹30,000 crore. At present, United Breweries, which controls half the country's beer market, has a market cap of ₹35,377 crore.

Last month, ET reported that Carlsberg has strengthened its governance ahead of its IPO, adding four directors to its board and converting the company into a public limited company as it prepares for a market debut.