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“Pernod Ricard notes the recent market rumours regarding the potential listing of its Indian affiliate. Pernod Ricard regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimising its capital structure. This is a usual process in line with management’s mission of delivering value to shareholders, employees, clients and stakeholders,” a Pernod Ricard spokesperson told financialexpress.com
“Pernod Ricard nonetheless highlights that, at this stage, no decision has been made regarding any particular action or involving any of these options,” the spokesperson added.
Pernod Ricard IPO plans: Co says nothing new on the horizon
Bloomberg News reported that Pernod Ricard India is working with Goldman Sachs Group as its financial adviser, alongside legal firm Cyril Amarchand Mangaldas. Bloomberg cited sources and stated that the company is likely to formally select advisers and kick off the broader process soon.
In February, Pernod Ricard’s chief executive told Reuters that the company had nothing new on the horizon regarding an IPO of its Indian unit, following earlier reports that it was considering a listing. The renewed activity, if it progresses, would mark a meaningful shift from that position.
Deliberations remain ongoing, and details of the offering, including timing and structure, could change, Bloomberg reported.
India: A crown jewel in the portfolio
As per the Bloomberg report, the India market is the company’s largest market by volume and second-largest by value, Jean Touboul, the unit’s chief executive, told the Times of India in December.
The company’s India portfolio spans a wide range of price points and occasions. It owns popular domestic brands such as Royal Stag, Blenders Pride, and 100 Pipers, alongside international prestige labels including Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute, and Jameson Irish whiskey. The company employs more than 1,500 people across the country and operates 24 production sites, according to the report.
Last year, the company moved to streamline its Indian portfolio when Pernod Ricard India sold its Imperial Blue business division to Tilaknagar Industries for an enterprise value of as much as Rs 4,150 crore ($446 million), Bloomberg reported.
Riding the MNC listing wave
Furthermore, the Bloomberg report stated that if it goes through, a Pernod Ricard India IPO would place the company alongside a growing cohort of multinational corporations that have chosen to tap Indian equity markets in recent years. The list includes Hyundai Motor India, LG Electronics India, Tenneco Clean Air, and Carraro India, according to Bloomberg.
Indian IPOs have raised approximately $2.9 billion so far this year, compared with roughly $22 billion across all of 2025, according to data compiled by Bloomberg.
A busy season for Pernod Ricard globally
The potential India IPO is not the only significant corporate development Pernod Ricard is navigating. Last month, Reuters reported that Pernod and Jack Daniel’s owner Brown-Forman said they were in talks over a possible merger, a deal that would combine the world’s second-largest spirits maker with the leading producer of American whiskey, if it were to materialise.
The company, which is the biggest Western spirits group after Diageo, also warned last week that a decline in Middle East tourism stemming from the Iran war would weigh on its full-year net sales, according to Reuters. In India, it competes closely with Diageo, the parent of the Johnnie Walker brand, in the domestic alcohol market.
