Carlsberg Said to Begin $700 Million IPO Process for India Unit

Carlsberg A/S has appointed three banks and begun preparations for a potential listing of its India unit that could raise as much as $700 million, according to people familiar with the matter.

The company has picked Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. as advisers on the proposed share sale, the people said, asking not to be identified because the information is private. A draft red herring prospectus could be filed as early as May, they said.