French spirits and wine maker Pernod Ricard has appointed four investment banks as advisors for the proposed mega initial public offering (IPO) of its India unit, Moneycontrol reported, citing people familiar with the matter.
Pernod Ricard India Private Ltd has onboarded Kotak Mahindra Capital, Goldman Sachs, JPMorgan, and BofA Securities, the report said. More banks may be added later if required, one of the persons familiar with the matter said. Two other people confirmed the syndicate of advisors.
The proposed IPO could seek to raise more than ₹9,450 crore ($1 billion) in 2027, Moneycontrol reported, citing another person familiar with the matter. However, the person added that no final decision had been taken on the size or structure of the IPO, which could change depending on the company’s strategy and market conditions.
“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.
Last month, responding to reports of an IPO for its India business, Alexandre Ricard, CEO of Pernod Ricard SA, confirmed that the board “continues to discuss the opportunity.”
“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.
“It is not an obvious yes or no. It is a clear process of analysis and discussion. 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.
A look at Pernod Ricard India’s brand portfolio
Pernod Ricard India Private Limited (PRI) is a wholly owned subsidiary of Pernod Ricard South Asia and a fast-growing multinational alcoholic beverage company.
Home to renowned brands across categories, Pernod Ricard India has one of the most premium portfolios in the industry. Its portfolio is led by Seagram’s whiskies, including Longitude 77, Royal Stag, Royal Stag Barrel Select, Xclamat!on, Blenders Pride, Blenders Pride Reserve Collection and 100 Pipers. It also offers a wide range of international premium brands such as Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute and Jameson Irish Whisky, as its website showed.
Some of its prominent brands in other categories include ABSOLUT vodka, Jacob’s Creek and Campo Viejo wines, Martell cognac, Beefeater and Monkey 47 gin, Kahlúa and Malibu liqueurs, and Mumm and Perrier-Jouët champagne.
Last month, the company announced that Royal Stag was ranked the world’s largest-selling whisky brand for calendar year 2025, according to the latest IWSR 2025 rankings. The brand recorded annual sales of 32.6 million cases in 2025.
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