Archive · 8 Sep 2026
Pernod Ricard India IPO Advisors Appointed Amid Ongoing Uncertainty
Pernod Ricard is thinking about selling part of its India business to the public.
It has hired four investment banks to advise on a possible IPO.
The banks are Kotak Mahindra Capital, Goldman Sachs, JPMorgan, and BofA Securities.
The sale could raise more than ₹9,450 crore in 2027.
However, the company has not decided how large the IPO would be.
It also has not decided whether the IPO will happen at all.
Company leaders are studying whether the sale could create value for shareholders.
Pernod Ricard India sells many popular whisky, spirit, wine, and champagne brands.
Pernod Ricard India has appointed Kotak Mahindra Capital, Goldman Sachs, JPMorgan, and BofA Securities as IPO advisors.
The proposed offering could raise more than ₹9,450 crore, or $1 billion, in 2027.
The IPO’s size and structure have not been finalized and could change with strategy and market conditions.
Pernod Ricard says discussions remain ongoing and exploratory, with no certainty that the IPO will proceed.
Pernod Ricard India’s portfolio includes Seagram’s whiskies, international spirits, wines, cognac, gin, liqueurs, and champagne.
- Who
- Pernod Ricard India Private Limited, its parent group, and four appointed investment banks.
- What
- Advisors have been appointed for a proposed IPO of Pernod Ricard’s India business.
- When
- The IPO could take place in 2027, but discussions are still ongoing and exploratory.
- Where
- India, involving Pernod Ricard India Private Limited.
- Why
- The company is evaluating the IPO’s potential to create shareholder value while preserving strategic flexibility.
Case for the IPO
Reasons for Caution
Strategic rationale
Case for the IPO
Pernod Ricard’s leadership is evaluating whether an India IPO could create value for shareholders.
Reasons for Caution
The company says there is no obvious yes-or-no answer and is still weighing the strategic pros and cons.
Readiness to proceed
Case for the IPO
Appointing four investment banks and taking legal preparatory steps could help keep the IPO option available.
Reasons for Caution
Pernod Ricard India says the discussion remains exploratory, with no certainty that the IPO will be implemented.
Issue size and timing
Case for the IPO
The proposed offering could raise more than ₹9,450 crore in 2027.
Reasons for Caution
The reported amount, timing, size, and structure are not final and could change with market conditions and company strategy.
- Appointed advisors
- Kotak Mahindra Capital, Goldman Sachs, JPMorgan, and BofA Securities
- Potential timing
- 2027
- Potential fundraising
- More than ₹9,450 crore, or $1 billion
- IPO status
- Exploratory; no final decision has been made
- Potential changes
- The size and structure could change based on strategy and market conditions
- Ownership
- Pernod Ricard India Private Limited is a wholly owned subsidiary of Pernod Ricard South Asia
- Reported whisky sales
- Royal Stag sold 32.6 million cases in calendar year 2025, according to the cited IWSR 2025 rankings