BREWING
Carlsberg explores potential IPO for Indian business Carlsberg A/S has reportedly appointed three investment banks to oversee a potential listing of its Indian subsidiary. According to sources familiar with the matter, the group has selected Kotak Mahindra Capital Co. alongside the local units of JPMorgan Chase & Co. and Citigroup Inc. to advise on a share sale that could raise as much as $700 million. A draft prospectus for the offering could be filed as early as May, with the transaction
expected to consist primarily of a secondary share sale by the parent company later this year. While the size and structure of the deal are still being finalised, the move signals Carlsberg’s intent to capitalise on the high valuations currently offered by the Indian equity markets. The move follows a broader trend of multinational corporations, including Hyundai Motor Co. and LG Electronics, seeking to unlock
value by listing their Indian operations. Local market valuations often significantly outstrip those of parent companies; for example, data suggests Indian units can trade at multiples nearly triple those of their global counterparts. Other major players in the drinks industry, including Pernod Ricard SA and Hindustan Coca-Cola Beverages, are also reportedly weighing similar listings. Carlsberg India currently holds the position of the country’s second-largest brewer, accounting for
approximately 22% of the total beer market. The unit reported revenues of roughly 90 billion rupees for the fiscal year ending March 2025. Kenni Leth, Carlsberg’s head of external communications, stated that the group is exploring various options to increase shareholder value, including a potential IPO, though he maintained that a final decision has yet to be reached. Representatives for the appointed banks have either declined to comment or have not yet responded to enquiries regarding the float.
VB targets changing consumer habits with mid-strength beer launch
Tilray Brands snaps up BrewDog’s Australian assets for APAC expansion US-headquartered Tilray Brands has confirmed the acquisition of BrewDog’s Australian business for an undisclosed sum, marking its second major deal for the beleaguered craft brewer’s assets in as many weeks. The transaction includes BrewDog’s primary production facility in Brisbane, Queensland, alongside two owned flagship bars – DogTap Brisbane and BrewDog Fortitude Valley. Tilray will also take over three franchised venues located in Victoria (Pentridge), New South Wales (South Eveleigh), and Western Australia (Perth). Unlike the UK arm of the business, which was sold via a pre-pack administration that resulted in nearly 500 job losses, Tilray has described the Australian operations as “profitable.” No job cuts are expected as part of the deal. Irwin Simon, CEO of Tilray Brands, highlighted the move as a cornerstone of the company’s international growth. “Australia is a highly attractive craft beer market with a strong beer culture and serves as a strategic gateway to the rapidly growing Asia-Pacific region,” Simon said. The company plans to use the Brisbane facility as a regional hub to manufacture and distribute its wider US beverage portfolio into key markets including Japan, South Korea, and Southeast Asia.
Australian brewing giant Carlton and United Breweries has announced the launch of a new 3.5 per cent alcohol-byvolume product, dubbed VB Mid, as the country’s drinking habits continue to evolve. The pivot comes in response to significant market shifts, with the brewer noting that more than 30 per cent of Australian beer sales now fall into the no-alcohol, low-alcohol, or mid-strength categories, representing a drastic change from two decades ago. The new release is being positioned as a lifestyle choice, with the brand’s marketing manager describing VB Mid as being for occasions when “the day is done but the job isn’t”. An advertising campaign featuring a jingle voiced by actor and writer William McInnes supports the launch, highlighting the need to tackle the following day without the lingering effects of heavier consumption. From a technical perspec-
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tive, a 375ml can of VB Mid will represent exactly one standard drink. This provides a clear contrast to the traditional VB Classic, which sits at 4.9 per cent alcoholby-volume and equates to 1.4 standard drinks per can. This strategic move aligns with recent academic findings on shifting consumption patterns among younger Australian demographics. Research from Adelaide’s Flinders University indicates that Generation Z consumers are nearly 20 times more likely to abstain from alcohol compared to Baby Boomers, even when adjusting for sociodemographic factors. Study co-author Dr Kirrily Thompson noted that factors like digital socializing, rising living costs, and increased health awareness are fundamentally reshaping alcohol’s prominence in Australian social life. This shift represents a sustained behavioral change rather than a passing phase.
cibd.org.uk
19/03/2026 16:40