Hong Kong/Mumbai — Carlsberg is planning a local initial public offering (IPO) of its Indian business, people with knowledge of the matter said, as it seeks to tap the growing middle class’s increasing thirst for foreign beer. The Danish brewer is interviewing potential arrangers for the share sale over the next few weeks, according to the people, who asked not to be identified as the information is private. India’s beer market is expected to grow to $10.7bn by 2020, up from $8.6bn last year, according to Euromonitor International. Carlsberg ranks third in the country with a 13.7% market share, the research firm’s data show. It trails Kingfisher owner United Breweries, which has 39.2%, and Budweiser parent Anheuser-Busch InBev, which has 23.3%. Carlsberg may be attracted by the high valuations in the Indian stock market, where United Breweries trades at about 73 times this year’s estimated earnings, according to Bloomberg data. United Breweries’s shares have risen 62% over the past ...

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