Carlsberg A/S is preparing to file draft documents for an initial public offering of its India unit as early as this month, according to media reports.

The listing is reported to be seeking proceeds of up to $700 million, and the transaction could be structured as a secondary share sale. The timing has not yet been finalized.

Kotak Mahindra Capital Co. and the local units of JPMorgan Chase & Co. and Citigroup Inc. are reported to be advising on the offering.

Reports said Carlsberg India has about a 22% share of the local beer market and operates 14 breweries.