Multinational beverage producers Carlsberg, Pernod Ricard, and The Coca-Cola Company are pursuing public listings for their respective Indian businesses to capture market value. Carlsberg leads the wave by submitting an updated draft red herring prospectus on October 28 and initiating early meetings with prospective backers. Meanwhile, French spirits giant Pernod Ricard is advancing preliminary documentation while awaiting official sign-off from its board of directors. The Coca-Cola Company is similarly preparing to list Hindustan Coca-Cola Holdings, building on Jubilant Bhartia Group's purchase of a 40 percent stake last year.
Key points
Carlsberg has progressed the furthest toward an offering but cannot confirm a timeline be…: Carlsberg has progressed the furthest toward an offering but cannot confirm a timeline because of regulatory restrictions.
French distiller Pernod Ricard is completing preparatory requirements while awaiting form…: French distiller Pernod Ricard is completing preparatory requirements while awaiting formal approval from its corporate board.
The Coca-Cola Company is actively exploring an initial public offering specifically for i…: The Coca-Cola Company is actively exploring an initial public offering specifically for its Indian bottling operations.
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In their latest earnings calls, top executives from the three companies outlined progress on their respective listing plans, with Carlsberg filing an updated draft red herring prospectus, Pernod Ricard continuing preparatory work pending board approval, and Coca-Cola exploring a potential IPO of its Indian bottling operations.
The developments underline the growing interest among multinational beverage companies in unlocking value from their Indian operations through public listings, although the proposed offerings remain subject to varying regulatory, corporate and market-related considerations.
Among them, Danish brewer Carlsberg is the furthest along, having filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
Carlsberg Chief Financial Officer Ulrica Fearn, during the company's latest earnings call for the third quarter of 2026, confirmed that an updated DRHP was filed with SEBI on October 28, which is available on the regulator's website and Carlsberg's India website.
Though she declined to "comment further on the outcome or timing on such a potential IPO" due to regulatory requirements, she said follow-on activities customary in such a process, including arranging interactions with…
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