Absolut Vodka maker Pernod Ricard onboards Goldman Sachs, JP Morgan for $1 billion India IPO

Absolut Vodka maker Pernod Ricard onboards Goldman Sachs, JP Morgan among 4 bankers for India IPO

Pernod Ricard is taking a major step toward a potential India IPO, putting one of the country’s biggest premium spirits businesses closer to the public markets.

The maker of Chivas Regal, Jameson and Absolut Vodka has appointed at least four investment banks to advise its Indian unit on a proposed listing that could potentially raise more than $1 billion by 2027, according to people familiar with the matter.

The development comes as India’s premium alcohol market continues to attract global liquor companies. For investors, the potential Pernod Ricard India IPO could become one of the largest consumer-sector listings to watch if the company moves ahead.

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Absolut Vodka maker Pernod Ricard onboards Four global banks India

Pernod Ricard India Private Ltd has onboarded Kotak Mahindra Capital, Goldman Sachs, JP Morgan and BofA Securities as advisors for the potential IPO, according to the people cited by Moneycontrol.

The process is still at an early stage, and additional investment banks could be added later.

One source described the proposed issue as a potentially large transaction that could look to raise more than $1 billion in 2027. However, the final IPO size and structure have not been decided and could change depending on Pernod Ricard’s strategy and market conditions.

That means investors should view the current development as a step toward a possible listing rather than confirmation that the IPO will definitely happen.

The Offering at a Glance

• Projected Issue Size: Expected to raise in excess of $1 billion (₹8,400+ crore).
• Target Timeline: The management is evaluating a public listing slated for 2027.
• Current Stage: Formally exploratory. CEO Alexandre Ricard confirmed the board is actively weighing the pros and cons while executing legal preparatory steps to maintain listing flexibility.

Key details

India has become a crucial growth market for Pernod Ricard

The potential IPO comes against the backdrop of strong growth in India’s spirits market.

India is Pernod Ricard’s second-largest market by sales globally, making the local business strategically important to the Paris-headquartered group.

Pernod Ricard India recorded consolidated sales of Rs 27,445 crore in FY25, according to PTI. The company has 24 production sites and 1,593 employees in India, according to its website.

Its extensive portfolio gives the India business exposure across whisky, vodka, gin, rum, brandy, wine, cognac and champagne.

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Why the IPO is gaining attention

Royal Stag gives the India business a powerful brand

One of Pernod Ricard India’s biggest strengths is its portfolio of leading whisky brands.

Its Seagram’s portfolio includes Royal Stag, Royal Stag Barrel Select, Blenders Pride, Blenders Pride Reserve Collection, 100 Pipers, Longitude 77 and Xclamat!on.

Royal Stag has become particularly important to the company’s India growth story. Pernod Ricard India said in August that Royal Stag was ranked the world’s largest-selling whisky brand for calendar year 2025, according to IWSR 2025 rankings.

The brand recorded annual sales of 32.6 million cases.

The portfolio also includes international brands such as Jameson, Ballantine’s, Chivas Regal, The Glenlivet and Royal Salute.

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Premiumisation is driving the company’s India growth

Pernod Ricard’s latest financial performance also highlights the importance of India.

For FY26, the company said India grew 7%, or 9% excluding Imperial Blue, which Pernod Ricard sold to Tilaknagar Industries for around Rs 3,441 crore.

The company attributed the performance to strong underlying consumer demand and premiumisation trends.

Local brands including Royal Stag and Blenders Pride delivered good growth, while international brands also performed strongly.

Jameson recorded exceptional performance and was described as the No. 1 imported premium spirit brand in India, while Ballantine’s and Chivas Regal also recorded good growth.

Pernod Ricard could follow Carlsberg into India’s IPO market

Pernod Ricard is not the only global alcohol company exploring an Indian listing.

Danish brewer Carlsberg has also recently filed draft IPO papers with SEBI through the confidential route and is reportedly looking to raise around $700 million at a valuation of up to $4 billion.

The potential listings underline the growing attractiveness of India’s consumer market to multinational alcohol companies.

For investors, the Pernod Ricard India IPO could offer exposure to a business combining strong domestic brands with globally recognised premium spirits.

What could Pernod Ricard India be worth?

. Valuation Drivers for Pernod Ricard India

• Revenue growth: FY25 sales were ₹27,445.80 crore; India grew 7% in FY26.
• Profit: FY25 PAT was ₹1,734.59 crore, up 8%.
• Premiumisation: Growth in premium brands such as Jameson, Chivas Regal and Ballantine’s can support higher margins.
• Market position: Pernod Ricard is the No. 1 player in India and has more than 40% revenue share in high-value segments, according to the company.
• Brand strength: Royal Stag is the world’s No. 1 whisky by volume, with about 32 million cases sold.
• Growth quality: India grew 9% excluding Imperial Blue, showing stronger underlying momentum after the disposal.
• Margins: EBITDA margin will be important, but Pernod Ricard India’s standalone EBITDA margin has not been publicly established yet.
• Cash flow: Free cash flow will matter, but India-specific FCF should be assessed from the IPO financial disclosures rather than using Pernod Ricard Group figures.
• Regulatory risk: State excise policies can affect sales; Pernod Ricard said Maharashtra excise changes negatively affected India sales in FY26.
• Peer comparison: Investors will likely compare the business with listed players such as United Spirits and Radico Khaitan.
• Key valuation question: The final valuation will depend on PAT, growth, margins, premiumisation and the valuation multiple assigned by the market.

Peer Comparison Landscape

United Spirits currently has a market capitalisation of about ₹1.04 lakh crore and a P/E of roughly 61.8x. Radico Khaitan is valued at around ₹60,292 crore with a P/E of about 85.7x; its FY26 operating revenue was ₹6,050 crore and PAT ₹604 crore.

For Pernod Ricard India, the disclosed FY25 figures are ₹27,445.8 crore sales and ₹1,734.6 crore PAT. Its IPO valuation remains unknown because the final issue structure and pricing have not been announced.

What investors should watch before the IPO

The appointment of investment banks is an important development, but several questions remain unanswered.

Investors will eventually need to assess the IPO valuation, issue size, offer structure, profitability and growth outlook before deciding whether the shares offer attractive value.

For now, the biggest catalyst will be whether Pernod Ricard’s board formally approves the listing and provides details on the proposed IPO.

If the company proceeds, the combination of Royal Stag’s scale, strong premiumisation trends and international brands such as Jameson and Chivas Regal could make the Pernod Ricard India IPO a closely watched consumer-market offering.