The banks appointed by Pernod Ricard India Private Ltd are Kotak Mahindra Capital, Goldman Sachs, JP Morgan and BofA Securities, according to the MC report. Two other people confirmed the advisor syndicate, while one source said more banks could be added later.
The proposed IPO could seek to raise more than about ₹9,450 crore ($1 billion) in 2027, Moneycontrol reported, citing another person familiar with the matter. However, no final decision has been taken on the size or structure of the issue, which could change depending on the company’s strategy and market conditions.
Pernod Ricard India said the IPO discussions remain exploratory. “As stated by our Global CEO, Alexandre Ricard, during the publication of the group’s FY26 annual results, the discussion around India IPO is still ongoing and exploratory, with no certainty as to its implementation,” the company told Moneycontrol.
Goldman Sachs and JP Morgan declined to comment, while Moneycontrol said it could not immediately get responses from the other investment banks.
Pernod Ricard has kept India IPO options open
Pernod Ricard CEO Alexandre Ricard had said last month that the company’s board was continuing to assess the possibility of listing the India business.
He said the board was evaluating the strategic rationale and potential shareholder-value creation from an IPO, while also weighing its advantages and disadvantages. Ricard had added that the company was taking legal preparatory steps to retain flexibility around a potential India listing.
If pursued, Pernod Ricard would become the second major global liquor company to explore an India IPO in recent times, after Danish brewer Carlsberg. Carlsberg has filed draft papers with SEBI through the confidential route and is reportedly looking to raise around $700 million (₹6,615 crore) at a valuation of up to $4 billion (₹37,800 crore).
Pernod Ricard India business
Gurugram-based Pernod Ricard India is a wholly owned subsidiary of Pernod Ricard South Asia and has a portfolio spanning Indian whisky brands including Royal Stag, Blenders Pride, 100 Pipers and Longitude 77, as well as international brands such as Chivas Regal, Jameson, Ballantine’s, The Glenlivet and Royal Salute.The company also has brands across vodka, gin, rum, brandy, cognac, wine and champagne.
Pernod Ricard India reported consolidated sales of ₹27,445 crore in FY25, according to PTI, and has 24 production sites and 1,593 employees in India, according to its website.
Royal Stag was ranked the world’s largest-selling whisky brand for calendar year 2025 in the latest IWSR 2025 rankings, with annual sales of 32.6 million cases, Pernod Ricard India said in August.
India is the Paris-headquartered group’s second-largest market by sales. In FY26, the India business grew 7%, or 9% excluding Imperial Blue, which Pernod Ricard sold to Tilaknagar Industries for around ₹3,441 crore.
Pernod Ricard said growth was supported by local brands including Royal Stag and Blenders Pride, while its strategic international brands also recorded double-digit growth, led by Jameson.
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