Three leading global beverage companies – Carlsberg, Pernod Ricard and The Coca-Cola Company – are advancing their plans for potential listings of their Indian businesses, albeit at different stages, as they prepare to tap the domestic capital market and join the growing pipeline of large offerings.
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.
Carlsberg IPO
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 potential investors, indicating that preparations are progressing beyond the initial documentation stage.
“As it is customary in such a process, we are now engaging follow-on activities, including setting up interactions with potential investors,” Fearn said.
Replying to a query on the India IPO, Carlsberg Chief Executive Officer, Jacob Aarup-Andersen, said: “… the IPO is progressing. Ulrika Fearn also mentioned that we are now calling meetings with potential investors.”
He also refrained from providing further details on the potential offering, including its timeline and outcome. Andersen also declined to comment specifically on the performance of its Indian business or make comparisons with competitors, citing regulatory restrictions linked to the prospective IPO.
Pernod Ricard IPO in focus
Meanwhile, Pernod Ricard, which owns brands such as Absolut, Jameson, Chivas Regal, Ballantine’s and The Glenlivet, is continuing preparatory work for a potential IPO of its Indian business.
The French spirits maker, which reported 19 per cent sales growth in India in the September quarter, said the proposed listing remains under discussion and is awaiting board approval.
The company has said that preparations for a potential IPO are also generating a favourable pipeline-filling effect, which is supporting sales in the first quarter of FY27 (as its financial year runs from July 1 to June 30).
Pernod Ricard’s Executive Vice President, Finance and Technology, Mauve Croizat, said during the earnings call that the board had asked the company to continue preparatory work so that it would be ready if a decision were taken in the coming months.
“The board has been asking us to continue on the preparatory steps for a potential IPO,” she said, adding that the company was taking the necessary measures to be prepared for a possible decision.
However, Croizat reiterated that “the decision to proceed to an IPO remains subject to board approval”.
Coca-Cola IPO
The Coca-Cola Company, the world’s largest beverage maker, is also exploring a potential listing of its Indian bottling operations through Hindustan Coca-Cola Holdings (HCCH), the parent of Hindustan Coca-Cola Beverages (HCCB).
The company’s President and Chief Financial Officer, John Murphy, said during its latest earnings call that it was exploring a potential IPO and would provide updates as appropriate.
“As previously announced, we are exploring a potential IPO of our bottling operations in India and will provide further updates as appropriate,” Murphy said.
Coca-Cola had announced in June that initial preparations were under way for a potential listing of its Indian bottling operations on the Bombay Stock Exchange and the National Stock Exchange, subject to market conditions and applicable regulatory and other approvals.
The company has not disclosed a timeline for the proposed offering.
The potential listing follows a significant ownership change at the bottling business last year, when the Jubilant Bhartia Group acquired a 40 per cent stake in HCCH.
India is the fifth-largest market for the Atlanta-headquartered The Coca-Cola Company. For Pernod Ricard, India is its second-largest market globally after the US, and it is also the largest alcoBev company in India, with ₹27,445.80 crore in sales in FY25.
While Carlsberg, which operates in India through popular beer brands such as Tuborg, Carlsberg Elephant and Kronenbourg 1664 Blanc, reported a 2.2 per cent decline in its revenue to ₹8,708.8 crore for FY26.
Published on November 1, 2026
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