Pernod Ricard Weighs IPO for Its Indian Business

Pernod Ricard is weighing a possible initial public offering of its Indian business, according to a Bloomberg report this week that said the French spirits company has brought in advisers as it considers a listing in one of the world’s fastest-growing liquor markets.

The report said Pernod Ricard has been working with Goldman Sachs Group and the law firm Cyril Amarchand Mangaldas on the potential offering. When asked about the report, Pernod Ricard did not deny that it was reviewing options, but said it “regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimising its capital structure.” The company added that “no decision has been made regarding any particular action or involving any of these options.”

The possible IPO comes as India has become increasingly important to Pernod Ricard’s growth strategy. In the company’s latest quarterly results, Indian sales rose 6% in the third quarter and 11% over the first nine months of the fiscal year through March 2026, even as overall organic sales increased just 0.1% to €1.94 billion, or $2.28 billion. Pernod said growth in India was driven by local brands, especially Blenders Pride, and by the launch of its Seagram’s Xclamation spirits range.

The company has already been reshaping its portfolio in India. In December 2025, Pernod Ricard sold its Indian whisky Imperial Blue to Tilaknagar Industries in a deal valued at €412.6 million, or $485 million. At the time, chief executive Alexandre Ricard called the sale a strategic move to focus on more profitable and faster-growing brands in India and elsewhere.

Royal Stag, one of Pernod Ricard’s main Indian whisky labels, was the country’s second best-selling Indian whisky brand in 2024, according to The Brand Champions 2025 report. It sold 31 million cases that year, up 11.1% from 2023. Blenders Pride ranked fifth with 10.1 million cases, up 5%.

The possible listing would come while Pernod Ricard is also in talks with Brown-Forman, the U.S. company behind Jack Daniel’s, over what both sides have described as a “merger of equals.”