Carlsberg, Pernod Ricard and Coca-Cola Advance Plans for Indian Market Listings

Three major global beverage companies are moving forward with plans to list their Indian operations on domestic stock exchanges. Carlsberg, Pernod Ricard, and The Coca-Cola Company provided updates during their latest earnings calls, outlining progress across different stages of preparation to tap the Indian capital market.

Danish brewer Carlsberg is currently the furthest along in the process. Chief Financial Officer Ulrica Fearn confirmed that the company filed an updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on October 28. The document is accessible via the regulator's website and Carlsberg's India portal.

While declining to comment on specific timelines or outcomes due to regulatory constraints, Fearn noted that follow-on activities are underway, including setting up interactions with potential investors. Chief Executive Officer Jacob Aarup-Andersen confirmed that the IPO is progressing and meetings with potential investors are being arranged, though further details regarding valuation or timing remain undisclosed. Carlsberg operates in India with brands such as Tuborg, Carlsberg Elephant, and Kronenbourg 1664 Blanc, and reported revenue of ₹8,708.8 crore for FY26.

French spirits maker Pernod Ricard is continuing preparatory work for a potential public offering of its Indian business, which remains subject to final board approval. The company, which owns brands including Absolut, Jameson, Chivas Regal, Ballantine's, and The Glenlivet, reported a 19 per cent sales growth in India during the September quarter.

Mauve Croizat, Pernod Ricard's Executive Vice President for Finance and Technology, stated during the earnings call that the board requested continued preparatory steps to maintain readiness. India is Pernod Ricard's second-largest market globally after the United States, and the company stands as the largest alcoholic beverage firm in India, recording ₹27,445.80 crore in sales in FY25.

Meanwhile, The Coca-Cola Company is exploring a potential listing of its Indian bottling operations through Hindustan Coca-Cola Holdings (HCCH), the parent entity of Hindustan Coca-Cola Beverages (HCCB). President and Financial Officer John Murphy confirmed that the exploration is ongoing and updates will be provided as appropriate.

In June, Coca-Cola announced initial preparations for a potential listing on the Bombay Stock Exchange and the National Stock Exchange, dependent on market conditions and regulatory approvals. This follows an ownership change last year wherein the Jubilant Bhartia Group acquired a 40 per cent stake in HCCH. India currently ranks as the fifth-largest market for the Atlanta-headquartered company.

"The decision by global beverage giants like Carlsberg, Pernod Ricard, and Coca-Cola to pursue listings for their Indian operations highlights the maturity and depth of the domestic capital market. India has firmly established itself as a critical growth driver for multinational corporations. Unlocking value through local public offerings allows these companies to deepen their domestic footprint while offering institutional and retail investors an opportunity to participate in the consumer sector's expansion. Execution, regulatory compliance, and market conditions will dictate the pace at which these offerings materialize." — Dr. Shishir Gupta, Founder & CEO, StartupLanes