Three global beverage majors — Carlsberg, Pernod Ricard and The Coca-Cola Company — are progressing with plans for potential public listings of their Indian businesses, reflecting growing interest among multinational companies in tapping India’s capital markets. The companies are at different stages of preparation, with Carlsberg having filed an updated draft red herring prospectus (DRHP), Pernod Ricard continuing preparatory work pending board approval, and Coca-Cola exploring an initial public offering of its Indian bottling operations.
Danish brewer Carlsberg is currently the furthest along in the proposed listing process. Chief Financial Officer Ulrica Fearn confirmed during the company’s third-quarter 2026 earnings call that an updated DRHP was filed with the Securities and Exchange Board of India (SEBI) on October 28. She said the company had begun customary follow-up activities, including arranging meetings with potential investors. CEO Jacob Aarup-Andersen also confirmed that the IPO process was progressing, but both executives declined to comment on its possible timeline or outcome due to regulatory restrictions.
French spirits company Pernod Ricard is also preparing for a potential IPO of its Indian business. Executive Vice President for Finance and Technology Mauve Croizat said the company’s board had asked management to continue preparatory work so that it would be ready if a decision was taken in the coming months. However, she clarified that proceeding with the listing remains subject to board approval. Pernod Ricard reported 19% sales growth in India during the September quarter, while IPO-related preparations have also contributed to a favourable pipeline-filling effect supporting first-quarter FY27 sales.
Meanwhile, The Coca-Cola Company is exploring a potential IPO of its Indian bottling operations through Hindustan Coca-Cola Holdings (HCCH), the parent of Hindustan Coca-Cola Beverages (HCCB). CFO John Murphy reiterated the company’s interest during its latest earnings call. Coca-Cola had announced in June that initial preparations were underway for a possible listing on the Bombay Stock Exchange and National Stock Exchange, subject to market conditions and regulatory approvals. No listing timeline has been disclosed.
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