“We today confirm the intention to explore an IPO in India. And we have not made a final decision on that yet,” he said while responding to a question.The company is exploring various options to enhance shareholder value, which could potentially include an initial public offering of its operations in India, he said.
However, he declined to reveal further details, saying: “It unfortunately also limits me from a legal perspective in terms of what I can and cannot say around that. But… what I can say is that this exploration is driven by our goal of creating shareholder value… So we are assessing this based on the assessment of whether we can create shareholder value.”
The decision is “purely driven” from a shareholder value perspective, Andersen said.
“And the assessment we are making now is whether it will create sufficient shareholder value. Beyond that, we cannot comment further on a possible IPO. If we decide to go ahead, we can of course be more specific,” he added. The company, which operates in India with brands including Tuborg and Carlsberg Elephant, saw high single-digit volume growth after strong year-end performance, Andersen said in its FY25 earnings call.
“Looking at the key markets in the region, we had another good year in India,” he said, adding that the Indian subsidiary has strengthened its market share in most states.
It saw “very strong growth” for Carlsberg Elephant and continued solid growth for Tuborg Strong, the largest brand in India.
Carlsberg had last year launched Kronenbourg 1664 Blanc, the iconic French wheat beer, in the Indian market to expand its presence in the fast-growing premium side.
“The brand is off to a good start,” Andersen said.
In 2025, volumes in Tuborg increased by 2 percent, supported by growth in China and many markets, especially India, Kazakhstan and Nepal, he said.
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