India, Feb. 24 -- Carlsberg India is reportedly eyeing a valuation between Rs 30,000 crore and Rs 35,000 crore

Danish brewing giant Carlsberg prepares to uncork a blockbuster Initial Public Offering (IPO) for its Indian subsidiary in 2026 and market watchers are looking beyond the headline listing to find second-order beneficiaries. Emerging as a key proxy play in this narrative is Asgard Alcobev (formerly Banganga Paper Industries), a small-cap company that has aggressively pivoted from paper trading to contract brewing, positioning itself as a vital vendor to Carlsberg India.

Driven by rising sales and a 'premiumisation'wave in the Indian alcohol market, Carlsberg India is reportedly eyeing a valuation between Rs 30,000 crore and Rs 3...