New Delhi, Nov. 13 -- Carlsberg A/S is set to start investor meetings as early as next week for an initial public offering of its India business that could raise as much as $600 million, according to people familiar with the matter.

Carlsberg India Ltd., the country's second-largest brewer, could launch the IPO as early as January, the people said, asking not to be identified as the information is private. The Danish brewer is seeking a valuation of $4 billion for the India business, the people said.

Deliberations are ongoing and details including the size, structure and timing of the transaction could still change, the people said. A representative for Carlsberg declined to comment.

The proposed Carlsberg India IPO would consist entir...