Pernod Ricard India IPO: Four Banks Picked for Proposed $1 Billion-Plus Listing

Pernod Ricard, the global spirits company behind brands such as Chivas Regal, Absolut Vodka, Jameson and Royal Salute, has taken another step toward a potential public listing of its Indian business by appointing four major investment banks as advisers.

According to people familiar with the development, Pernod Ricard India has brought in Kotak Mahindra Capital, Goldman Sachs, JPMorgan and BofA Securities to work on the proposed initial public offering. The appointment indicates that preparations are progressing, although the company has stressed that the listing remains under evaluation and there is no final commitment to proceed.

IPO could exceed $1 billion

The proposed transaction could become one of India's larger upcoming IPOs. People familiar with the matter said the offering could potentially raise more than $1 billion, with 2027 being considered as a possible timeframe.

However, the eventual size, structure and timing of the issue have not been finalised. The company could alter the proposed transaction depending on its strategic priorities and prevailing market conditions.

Pernod Ricard India has also indicated that discussions remain exploratory. The company's position is important because appointing investment banks does not necessarily mean that an IPO is guaranteed. The advisers can assist with evaluating different structures and preparing the business for a possible capital-market transaction while the parent company continues to assess the broader strategic benefits.

India has become a crucial market

The potential listing comes at a time when India has become increasingly important to Pernod Ricard's global business.

India is the company's second-largest market by sales value, while its performance has benefited from rising consumer demand and the growing shift toward premium alcoholic beverages. The company has a broad portfolio in the country, spanning mass-market Indian whisky brands as well as premium international spirits.

Its Indian portfolio includes Royal Stag, Blenders Pride, 100 Pipers and Longitude 77, alongside international brands such as Chivas Regal, Jameson, Ballantine's, The Glenlivet and Royal Salute. The company also sells Absolut Vodka, Martell, Beefeater and Monkey 47, among other global brands.

The scale of the Indian operation makes it a potentially attractive candidate for a standalone public-market listing. Pernod Ricard India has 24 production sites and more than 1,500 employees, according to the company's India website.

Strong financial performance supports the case

The IPO discussions come after a strong period for the Indian business. Pernod Ricard India reported consolidated sales of around Rs 27,445 crore for FY25. The business has also benefited from premiumisation, with consumers increasingly moving toward higher-priced whisky and imported spirits.

For FY26, the company said its Indian business grew by 7 percent. Growth was stronger at 9 percent when excluding Imperial Blue, following the sale of that business to Tilaknagar Industries. Pernod Ricard said local brands such as Royal Stag and Blenders Pride performed well, while international brands including Jameson, Ballantine's and Chivas Regal also recorded strong growth.

Royal Stag has also strengthened its position within the global whisky market. Pernod Ricard India said the brand recorded sales of 32.6 million cases in calendar year 2025 and was ranked the world's largest-selling whisky brand in the latest IWSR rankings.

Management has not made a final decision

Despite the appointment of advisers, Pernod Ricard's management has maintained that the IPO is still being considered rather than confirmed.

Pernod Ricard India said discussions surrounding a possible listing remain ongoing and exploratory, with no certainty that the transaction will ultimately be implemented. Global CEO Alexandre Ricard has previously said the board is examining whether an Indian listing could create shareholder value and is weighing its strategic advantages and disadvantages.

The company has also taken legal preparatory steps to preserve flexibility around a potential transaction. That allows it to keep the option open while continuing to assess the appropriate structure.

A growing trend among global companies

If Pernod Ricard proceeds with the offering, its India IPO would add another major multinational company to India's expanding primary market.

The development also follows increased interest among international consumer and industrial companies in accessing India's deepening equity markets. Carlsberg, another global alcohol major, has separately been exploring a listing of its Indian business and has reportedly been considering a fundraising of around $700 million.

For investors, a Pernod Ricard India listing could provide direct exposure to one of the country's largest branded spirits businesses. The company's combination of established Indian whisky brands, premium international labels and exposure to rising premium consumption could make the proposed issue closely watched.

For now, however, investors will have to wait for clarity on the final issue size, valuation, shareholding structure and timeline. The appointment of four investment banks marks an important step in the process, but the company has made clear that the decision to launch the IPO has not yet been taken.