Carlsberg A/S is preparing to file draft papers for an initial public offering of its India operations as early as this month, according to sources familiar with the matter. The brewer could raise up to $700 million through the listing, working with Kotak Mahindra Capital and local units of JPMorgan Chase and Citigroup on the proposed share sale.

The potential IPO represents part of a broader trend among global alcohol makers seeking to unlock value from Indian operations. Carlsberg India commands roughly 22% market share as the country's second-largest brewer, operating 14 facilities nationwide since entering the market in 2007. This positions the company well in one of the world's fastest-growing major economies.

Deliberations remain ongoing, with details including size, structure and timing still subject to change. The company maintains no final decision has been made while exploring options to increase shareholder value. United Breweries Ltd., its closest listed peer, trades at approximately $3.6 billion market value despite shares falling 36% over the past year.

The move signals growing confidence in India's consumer market despite broader market volatility. Global alcohol companies are betting on rising consumption patterns in the region, with Pernod Ricard also reportedly exploring a potential listing of its India business.