Pernod Ricard taps Goldman Sachs for possible India IPO advisory role

Goldman Sachs has been pulled into early-stage work on a possible India IPO for Pernod Ricard, a sign that one of the world’s biggest spirits groups still views Indian consumer assets as worth packaging for public markets. Pernod Ricard India Pvt. Ltd. had begun initial preparation and was working closely with Goldman Sachs and Cyril Amarchand Mangaldas, although the process remained exploratory and no final decision had been made.

For Goldman, the mandate matters because it is not just another pitch. If the listing advances, the bank would be in position to shape valuation, investor education, bookbuilding and regional execution in a transaction that sits at the intersection of consumer branding, cross-border capital flows and India growth. Early advisory work is where relationships get built, and in a market like India, that can turn into fee-rich follow-on financing, future ECM assignments and deeper coverage of a global issuer with a long runway.

Pernod Ricard’s India business has become strategically important enough to change the conversation. India is now its largest market by volume and second-largest by value, and Reuters-linked reporting in September 2024 said the country accounted for about 12% of the company’s global revenue, with net sales in India rising 6.1% in FY24. That performance helps explain why the business sits at the center of Pernod Ricard’s premiumisation strategy, where higher-end labels and a fast-growing consumer base make India more attractive than a one-off fundraising exercise would suggest.

The April move is notable because it came after Pernod Ricard was reported in February 2026 to have ruled out an India IPO as part of its deleveraging strategy. A reversal in tone, even at an early stage, suggests boardroom thinking is shifting as market conditions and strategic priorities evolve. Pernod Ricard said no decision had been made on any particular action, while Goldman Sachs declined to comment.

The broader market backdrop is just as important. Indian IPOs had raised about $2.9 billion so far in 2026, compared with roughly $22 billion across all of 2025, and multinational listings have already included Hyundai Motor India, LG Electronics India, Tenneco Clean Air and Carraro India. If Pernod Ricard moves ahead, it would add another globally recognized consumer brand to that lineup, and Goldman would have a front-row seat to one of the most closely watched cross-border listings in the region.