Global liquor giant Pernod Ricard SA has engaged at least four investment banks as advisors for its proposed mega IPO of its Indian unit. According to reports from Moneycontrol, the syndicate includes Kotak Mahindra Capital, Goldman Sachs, JP Morgan and BofA Securities. As reported by Moneycontrol, the proposed IPO could seek to raise more than ₹9,450 crore ($1 billion) in 2027, though no final decision has been made on the size and structure of the IPO. One source confirmed that more banks may be added later if required, indicating the process remains preliminary in nature.
India represents the second-largest market in terms of sales for the Paris-headquartered firm, with the local portfolio including Royal Stag, which was ranked the world's largest-selling whisky brand for calendar year 2025 according to the latest IWSR 2025 rankings. According to Moneycontrol reports, the firm registered consolidated sales of ₹27,445 crore in FY25 and operates 24 production sites with 1,593 employees in India. As reported by Moneycontrol, Pernod Ricard India Private Limited is a wholly owned subsidiary of Pernod Ricard South Asia with 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.
When contacted, Pernod Ricard India stated that the discussion around India IPO remains ongoing and exploratory, with no certainty as to its implementation. According to Moneycontrol reports, CEO Alexandre Ricard confirmed that the board continues to discuss the opportunity, describing it as a strategic question of shareholder value creation. Ricard emphasized that the discussion is not an obvious yes or no, but rather a clear process of analysis and discussion, with the company taking legal preparatory steps to maintain flexibility around the India IPO. As reported by Moneycontrol, Ricard had said last month that the board was continuing to assess the possibility of listing the India business, evaluating the strategic rationale and potential shareholder-value creation from an IPO, while also weighing its advantages and disadvantages.
Pernod Ricard will become the second major global liquor player to explore an India IPO in recent times, following Carlsberg, which recently filed draft papers with market regulator SEBI via the confidential route, reportedly looking to raise around $700 million at a valuation of up to $4 billion. As reported by Moneycontrol, if pursued, Pernod Ricard would become the second major global liquor company to explore an India IPO in recent times. The firm's portfolio includes iconic brands like Chivas Regal whiskey, Jameson Irish whiskey, and Absolut vodka, along with local brands such as Royal Stag, Blenders Pride, and Royal Salute. On the premium spirits front, the company has Jacob's Creek and Campo Viejo wines, Martell cognac, Beefeater & Monkey 47 gin, Kahlua, Malibu liqueurs, Mumm and Perrier-Jouet champagne. The company launched Seagram's Xclamat!on in December 2025, bringing five premium spirits under one brand at uniform price points.
