Chivas Regal, Absolut Vodka maker Pernod Ricard picks 4 bankers for over $1 billion India IPO: Report

Global liquor major Pernod Ricard SA, the maker of Chivas Regal, Jameson Irish whiskey and Absolut Vodka, has appointed at least four investment banks as advisors for a proposed initial public offering (IPO) of its Indian unit, according to a Moneycontrol report citing sources.

Pernod Ricard India Pvt Ltd has onboarded Kotak Mahindra Capital, Goldman Sachs, JPMorgan and BofA Securities as advisors, the report said. Two other sources also confirmed the appointment of the four banks, while additional advisors could be brought on board later.

The proposed IPO could seek to raise more than $1 billion in 2027, according to the report. However, the size and structure of the issue have not been finalised and could change depending on the company's strategy and market conditions.

Pernod Ricard India told Moneycontrol that discussions around an India IPO remain exploratory.

"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," the company said.

India is Pernod Ricard's second-largest market by sales, according to the report. Its India portfolio includes brands such as Royal Stag, which the company says was the world's largest-selling whisky in 2025.

Pernod Ricard's reported IPO plans come amid growing interest among global liquor companies in India's capital markets. Danish brewer Carlsberg recently filed draft papers with the Securities and Exchange Board of India (Sebi) through the confidential route for a proposed IPO. The issue is reportedly expected to raise around $700 million at a valuation of up to $4 billion.

IPO rush this week

Meanwhile, India's primary market is set for a busy week, with nearly a dozen IPOs scheduled to open and collectively seeking to raise around Rs 7,055 crore from investors.

Six issues are scheduled to open on Wednesday, September 9, while three are set to open on Tuesday, September 8. One IPO is scheduled to open on Monday, September 7, and another on Thursday, September 10.