E-Malt.com News article: India: Pernod Ricard picks four banks for potential £740m India IPO

Pernod Ricard has taken another step towards a possible IPO of its Indian business, reportedly appointing four banks to advise on a listing that could take place in 2027, The Drinks Business reported on September 8.

According to Moneycontrol, Pernod Ricard India has appointed Kotak Mahindra Capital, Goldman Sachs, JPMorgan and BofA Securities to work on the proposed flotation.

Further banks could subsequently join the syndicate, according to people familiar with the discussions cited by the publication.

The IPO could seek to raise more than INR94.5 billion (US$1 billion) next year, although its size and structure have not been finalised and could change depending on Pernod Ricard’s strategy and market conditions.

Pernod Ricard stressed that it has not decided to proceed.

“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 told Moneycontrol.

Pernod Ricard CEO Alexandre Ricard confirmed last month that the group’s board continued to examine a potential Indian listing, describing the decision as a question of whether an IPO could create additional shareholder value.

“It is a question of the strategic opportunity it may represent in terms of shareholder value creation, and they are weighing the strategic rationale and the pros and cons in terms of these situations,” Ricard said.

“It is not an obvious yes or no. It is a clear process of analysis and discussion.”

However, the group has already begun preparing for a possible flotation.

“I can confirm the discussion is still ongoing, and that in the meantime, we are taking some legal preparatory steps to maintain the flexibility around the India IPO and keep our options open,” Ricard said.

The reported appointment of advisers suggests those preparations are progressing, although Pernod Ricard continues to characterise the IPO as exploratory.

India is Pernod Ricard’s second-largest market by sales and represents an important source of growth for the Paris-headquartered drinks group.

Its Indian portfolio combines locally produced whiskies including Royal Stag, Blenders Pride, 100 Pipers and Longitude 77 with international brands including Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute and Jameson.

Pernod Ricard India also sells Absolut vodka, Jacob’s Creek and Campo Viejo wines, Martell Cognac, Beefeater and Monkey 47 gin, Malibu and Kahlúa liqueurs and Champagne brands Mumm and Perrier-Jouët.

Royal Stag was ranked as the world’s largest-selling whisky brand for calendar year 2025 according to IWSR rankings cited by Pernod Ricard last month, having recorded sales of 32.6 million nine-litre cases.

The scale of that business gives Pernod Ricard significant exposure to a market expected to outperform more mature drinks economies over the coming years.

IWSR figures previously cited by db show that total beverage alcohol volumes in India increased by 6% in 2024 and a further 4% in 2025. Volumes are forecast to grow at a compound annual rate of 3% between 2024 and 2034, with premiumisation offering further potential value growth.

As previously reported by the drinks business, Pernod Ricard is not alone in considering how a local listing could unlock value from its Indian operations.

In July, db reported that both Pernod Ricard and Carlsberg were examining potential IPOs of their businesses in the country.

A listing could allow Pernod Ricard to raise capital from its Indian operation while retaining overall control, a structure already familiar within the country’s drinks industry.

Diageo controls listed Indian spirits producer United Spirits through a 54.8% holding, with the remainder held by institutional and individual shareholders. Heineken similarly controls United Breweries through a 61.5% stake.


08 September, 2026