By ipomarket.in Editorial Team · Last reviewed: 2026-11-03
Disclaimer: This article is for informational purposes only and does not constitute investment advice. IPO investments are subject to market risks. Please read the offer document carefully and consult a SEBI-registered investment advisor before investing.
French spirits group Pernod Ricard, the company behind brands such as Royal Stag, Blenders Pride and Absolut, is weighing a possible initial public offering (IPO) of its India business. The plan is still at an early stage, remains under discussion, and awaits board approval, so much of what follows is based on company statements and media reports rather than a filed prospectus.
Here is what has been publicly confirmed, what has only been reported, and what remains undecided.
What is confirmed
Pernod Ricard's India business has become one of its most important markets. The company reported a 19% sales growth in India for the September quarter (its fiscal first quarter of 2027), and it has said its proposed India IPO remains under discussion and is awaiting board approval. For the full fiscal year, India sales were up 7%.
On the financial scale of the business, Pernod Ricard India reported consolidated sales of ₹274.45 billion in fiscal 2025 (the year ended June 2025).
CEO Alexandre Ricard has confirmed that the board "continues to discuss the opportunity" of an India IPO. He described the group as weighing "the strategic rationale, the pros and cons in these situations" and said it was taking "some legal preparatory steps to maintain the flexibility around the India IPO and keep our options open." In plain terms, the company is keeping the door open without committing.
The India portfolio's strength was underlined when Royal Stag was ranked the world's largest-selling whisky brand for calendar year 2025 in the IWSR 2025 rankings, with sales of 32.6 million nine-litre cases.
What has been reported (not confirmed)
According to media reports, Pernod Ricard has appointed four investment banks to work on the proposed flotation: Kotak Mahindra Capital, Goldman Sachs, JPMorgan and BofA Securities. These reports also suggest the IPO could raise more than $1 billion in 2027.
These figures come from news reports and have not been formally set out by the company. In fact, the company has not set a final structure for the offering, the size of the stake to be sold, the valuation, or the total amount to be raised. Any "$1 billion" or "2027" figure should therefore be treated as a reported estimate, not a confirmed plan.
It is also worth noting the path has not been linear. As of February 2026, reports indicated that Pernod Ricard had ruled out an India IPO as part of its deleveraging strategy. The more recent board discussions suggest the position has since softened, but this history is a reminder that the plan can change.
The deleveraging context
Part of the backdrop is Pernod Ricard's portfolio reshaping in India. The company completed the sale of its Imperial Blue whisky brand to India's Tilaknagar Industries in December 2025. The deal was agreed in July 2025 at an enterprise value of €412.6 million (about $486 million).
Selling a mass-market brand like Imperial Blue while reportedly preparing a listing of the remaining, more premium-weighted business is consistent with a strategy of streamlining the portfolio. Whether this directly supports an IPO or simply reflects a focus on higher-margin brands is not something the company has spelled out.
Why India matters to Pernod Ricard
India has overtaken China as Pernod Ricard's second-biggest market, and the double-digit September-quarter sales growth of 19% stands out at a time when several of the group's larger markets have been weaker. For a global spirits major, a strong, fast-growing Indian consumer franchise is a natural candidate for a local listing, which can unlock value and give Indian investors direct access to the business.
If you are new to how foreign-parent businesses list in India and how listings are structured, our explainer on what an IPO is in the Indian stock market and the guide to fresh issue versus offer for sale are useful starting points.
What retail investors should keep in mind
At this stage there is no price band, no confirmed issue size, no stake size, no valuation and no filed draft prospectus. Everything about the timeline and the structure is either under discussion or based on reports. That makes it impossible to assess the offer on fundamentals right now.
When and if a draft red herring prospectus is filed, the real work begins: reading the financials, the risk factors, the use of proceeds, and the valuation against listed peers. Until then, grey-market chatter and reported numbers carry no official weight. Our guide on how to read a DRHP before an IPO explains what to look for once a document is public.
You can track confirmed developments on our upcoming IPOs page as and when the company makes formal disclosures.
FAQ
When is the Pernod Ricard India IPO date?
No date has been confirmed. Media reports have suggested a possible offering in 2027, but Pernod Ricard has said the plan remains under discussion and awaits board approval. The 2027 timeline is a reported estimate, not an official announcement.
How much could the IPO raise?
According to media reports, the IPO could raise more than $1 billion. However, the company has not set the size of the stake, the valuation or the total amount to be raised. Treat the $1 billion figure as reported, not confirmed.
Which banks are working on the IPO?
Reports indicate Pernod Ricard has appointed Kotak Mahindra Capital, Goldman Sachs, JPMorgan and BofA Securities. This has not been formally confirmed by the company.
How big is Pernod Ricard's India business?
Pernod Ricard India reported consolidated sales of ₹274.45 billion in fiscal 2025 (year ended June 2025). India sales grew 19% in the September quarter of 2026 and 7% for the full fiscal year. Royal Stag was ranked the world's largest-selling whisky brand for 2025 with 32.6 million nine-litre cases.
Didn't Pernod Ricard rule out an India IPO earlier?
As of February 2026, reports indicated the company had ruled out an India IPO as part of its deleveraging strategy. More recent statements suggest the board is again discussing the option, which shows the plan can change.
Last reviewed: 2026-11-03. Figures are drawn from company statements and media reports; details remain subject to board approval and formal disclosure.