Pernod Ricard India Private Ltd, the Indian arm of the global liquor major renowned for brands like Chivas Regal, Jameson Irish whiskey, and Absolut Vodka, has reportedly engaged at least four prominent investment banks as advisors for a potential initial public offering (IPO).
According to reports citing sources, Kotak Mahindra Capital, Goldman Sachs, JPMorgan, and BofA Securities have been brought on board to guide the proposed listing. While these four have been confirmed, the possibility of additional advisors joining later remains open.
The anticipated Pernod Ricard India IPO is rumored to target raising more than $1 billion, with a potential timeline for 2027. However, the company has clarified that these discussions are still in an early, exploratory phase. "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," Pernod Ricard India stated to Moneycontrol.
The final size and structure of the public offering are yet to be determined and will depend on the company's strategic decisions and prevailing market conditions.
India holds significant importance for Pernod Ricard, ranking as its second-largest market by sales. The company's portfolio in India also includes popular local brands such as Royal Stag, which was reportedly the world's largest-selling whisky in 2025.
Pernod Ricard's exploration of an IPO in India reflects a broader trend, with other international liquor companies also showing increased interest in the country's capital markets. Danish brewer Carlsberg, for instance, recently filed confidential draft papers with the Securities and Exchange Board of India (SEBI) for its own proposed IPO, reportedly aiming to raise around $700 million at a valuation of up to $4 billion.