Pernod Ricard Prepares India IPO

Pernod Ricard has begun work on a possible initial public offering of its India business, according to a Bloomberg News report cited by industry publication the drinks business, in a move that would give one of the world’s largest spirits groups a new way to raise capital from a market that has become central to its growth plans.

The French company, which makes Absolut vodka and owns brands including Royal Stag, 100 Pipers, Blenders Pride, Ballantine’s and Chivas Regal in India, is working with Goldman Sachs and the law firm Cyril Amarchand Mangaldas on the potential listing, Bloomberg reported on Monday, citing unnamed sources. The report said advisers are expected to be appointed soon and that the formal process could begin shortly.

An IPO would allow Pernod Ricard India to sell shares to the public for the first time and become a publicly traded company. For a multinational spirits group, such a move can help unlock value in a fast-growing market while also giving the local unit more financial flexibility.

A Pernod Ricard spokesperson told Reuters that the company “regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimizing its capital structure.” The spokesperson added that “at this stage, no decision has been made regarding any particular action or involving any of these options.”

The company has not confirmed any listing plan, and the timing and structure of any transaction could still change. In February, Pernod Ricard’s chief executive told Reuters that there was nothing new to report on an IPO for the Indian unit after earlier speculation about a possible listing.

India is one of Pernod Ricard’s most important markets. The country’s growing middle class, expanding urban drinking culture and rising demand for premium spirits have made it a key battleground for global alcohol companies. Pernod Ricard has spent years building a broad portfolio there, with both mass-market labels and higher-end imported brands.

The company also reshaped its India business last year when Pernod Ricard India sold its Imperial Blue unit to Tilaknagar Industries, one of India’s largest alcohol companies. That sale suggested a broader effort by Pernod Ricard to streamline its portfolio in the country while focusing on brands with stronger growth potential.

The reported IPO discussions come as alcohol companies continue to weigh how best to navigate India’s complex regulatory environment, where liquor rules vary by state and taxes can shift quickly. A public listing could help Pernod Ricard raise local capital and strengthen its position in a market where competition is intensifying among domestic producers and international groups alike.

Pernod Ricard did not immediately respond to a request for comment from the drinks business.