Danish Brewer Carlsberg files updated papers for India unit's IPO

Oct 28 (Reuters) - Danish brewer Carlsberg's (CARLb.CO), opens new tab India unit moved closer to a public listing as it filed an updated draft prospectus for an initial public offering late on Tuesday.

This is the first public IPO prospectus from Carlsberg India, which had confidentially filed papers for the planned offering in July. India's markets regulator approved it earlier this month.

The IPO is entirely an offer for sale of 86.42 million shares, ⁠the draft prospectus dated October 27 showed.

The move adds to a string of multinational companies turning to Indian equity markets to monetise their investments, rather than raise fresh capital. Hyundai Motor (005380.KS), opens new tab and LG Electronics (066570.KS), opens new tab have both pursued stake sales via Indian IPOs, attracted by relatively richer market valuations.

The potential listing would add to a busy period for India's IPO market, where large offerings ⁠from Jio Platforms (JIOP.NS), opens new tab and National Stock Exchange of India (NSEI.BO), opens new tab have shown strong investor appetite.

Carlsberg India operates through seven breweries it owns and nine third party manufacturers in India. It has a market share of 21.9% ⁠in 16 key states and union territories in Asia's third-largest economy, the updated prospectus showed.

The Indian unit's profit for the quarter ended June ⁠dropped 3.9% to 1.58 billion rupees ($16.61 million), while net revenue rose 21.5% to 13.66 billion rupees, as per the ⁠updated draft prospectus.

Carlsberg India's listed peers include United Breweries (UBBW.NS), opens new tab, United Spirits (UNSP.NS), opens new tab, Radico Khaitan (RADC.NS), opens new tab, and Allied Blenders and Distillers (ALLE.NS), opens new tab.

($1 = 95.12 Indian rupees)

Reporting by Vivek Kumar M; Editing by Ronojoy Mazumdar