French spirits major Pernod Ricard is exploring an IPO of its India business, working with Goldman Sachs and law firm Cyril Amarchand Mangaldas. Learn how a potential listing in its largest market by volume fits into the distiller’s premiumisation strategy and the broader wave of multinational IPOs in India.

French Spirits Giant Pernod Ricard Eyes Indian IPO; Taps Goldman Sachs, Cyril Amarchand Mangaldas

French spirits giant Pernod Ricard SA, the maker of Absolut vodka and Chivas Regal whisky, has begun preliminary work on a potential initial public offering (IPO) of its Indian business, Bloomberg reported.

According to the report, Pernod Ricard India is working closely with Goldman Sachs Group as its financial adviser and has engaged legal firm Cyril Amarchand Mangaldas. The company is likely to formally select advisers and kick off the process soon, the report added.

However, deliberations remain ongoing and details, including timing and structure of the offering, are subject to change. A Pernod Ricard spokesperson, as quoted by Bloomberg, said that no decision has been made regarding any particular action or involving any of these options at this stage.

India: Pernod's Most Important Market

The potential listing reflects the strategic importance of India for the Paris-headquartered distiller. India is Pernod Ricard's largest market by volume and its second-largest by value globally, as told by the unit's CEO, Jean Touboul.

The company owns a strong portfolio of both mass-market and premium labels in India, including Royal Stag, Blenders Pride, 100 Pipers, Chivas Regal, Ballantine's, The Glenlivet, Royal Salute and Jameson Irish Whiskey. It employs more than 1,500 people across the country and operates 24 production sites.

In a significant recent transaction, Pernod Ricard India sold its Imperial Blue business division to Tilaknagar Industries last year for an enterprise value of up to $446 million, a move that signalled a shift toward premiumisation of its India portfolio.

Part of a Broader Trend

If completed, the listing would place Pernod Ricard among a growing number of multinational companies that have chosen to tap Indian equity markets in recent years. Notable listings include Hyundai Motor India, LG Electronics India, Tenneco Clean Air and Carraro India, reflecting rising investor appetite for India-focused businesses with global parentage.

Indian IPOs have raised approximately $2.9 billion so far this year, according to data compiled by Bloomberg. The figure, while modest compared to the roughly $22 billion raised through all of 2025, reflects continued activity in the primary markets amid global uncertainty.