According to Vinetur, Pernod Ricard is actively considering an initial public offering (IPO) for its Indian business, as reported by Bloomberg. This potential move comes as the French spirits company seeks to capitalize on the rapid growth of the Indian liquor market, one of the fastest-growing in the world.
The company has engaged Goldman Sachs Group and the law firm Cyril Amarchand Mangaldas to explore this opportunity. While Pernod Ricard has not confirmed any specific plans, it stated that it regularly reviews its strategic options to enhance shareholder value and optimize its capital structure.
India has become a pivotal part of Pernod Ricard’s growth strategy, with the latest quarterly results showing a 6% increase in Indian sales during the third quarter and an impressive 11% increase over the first nine months of the fiscal year ending March 2026. This growth is attributed to popular local brands, particularly Blenders Pride, alongside the launch of the Seagram’s Xclamation spirits range.
In a strategic shift, Pernod Ricard sold its Indian whisky brand Imperial Blue to Tilaknagar Industries for approximately €412.6 million ($485 million) in December 2025, aiming to focus on more lucrative and rapidly growing brands.
Moreover, Pernod Ricard’s Royal Stag was recognized as the second best-selling Indian whisky brand in 2024, with sales reaching 31 million cases, marking an 11.1% increase from the previous year. Meanwhile, Blenders Pride ranked fifth with 10.1 million cases sold, up by 5%.
This potential IPO coincides with ongoing discussions between Pernod Ricard and Brown-Forman, the American company known for Jack Daniel’s, regarding a so-called “merger of equals.”