Pernod Ricard India IPO: Goldman Sachs, JP Morgan Among Appointed Advisors

Global spirits company Pernod Ricard has appointed several investment banks to advise on a possible initial public offering (IPO) of its Indian business, according to a media report citing people familiar with the discussions.

Kotak Mahindra Capital, Goldman Sachs, JP Morgan and BofA Securities have reportedly been appointed as advisors for the proposed listing of Pernod Ricard India Private Ltd. The group of investment banks could be expanded later as the process moves forward, according to people aware of the matter.

The proposed IPO could potentially raise more than $1 billion, or around ₹9,450 crore, with a listing being considered in 2027. However, the size, timing and structure of the offering have not been finalised and remain subject to change.

India IPO Still Under Consideration

The company said its global leadership is continuing to evaluate the possibility of listing its Indian business on the stock market.

During the announcement of Pernod Ricard's FY26 annual results, Global CEO Alexandre Ricard said that discussions about a listing in India were ongoing, with no certainty that the plan would eventually be implemented.

The board is examining whether an IPO would make strategic sense and create value for shareholders. At the same time, the company has been taking legal preparatory steps to maintain flexibility if it decides to pursue a listing.

Global Liquor Companies Eye Indian Markets

A Pernod Ricard India IPO would add another major international spirits company to the growing list of global businesses exploring India's capital markets.

Danish brewer Carlsberg is also exploring a listing of its Indian operations. The company has reportedly filed draft papers with the Securities and Exchange Board of India (SEBI) through the confidential route and is said to be considering an issue of around $700 million.

Carlsberg's proposed listing could value its Indian business at as much as $4 billion, according to reports.

For Pernod Ricard, however, the India IPO remains only a possibility for now. The appointment of investment banks indicates that groundwork is being carried out, but the company has made it clear that no final decision has been taken on whether the listing will go ahead.

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