Pernod Ricard Explores IPO for India Unit Amid Strong Market Growth

French spirits major Pernod Ricard has begun early steps toward a potential initial public offering (IPO) of its India unit, according to media reports, marking a shift from its earlier stance of ruling out such a listing.

The Paris-listed maker of Absolut vodka and Chivas Regal whisky is in discussions with prospective advisers as it evaluates a possible spin-off of its Indian subsidiary, Bloomberg News reported, with Reuters noting the process is still at an exploratory stage and may not necessarily lead to a listing.

India has emerged as a key growth market for Pernod Ricard, contributing significantly to volumes and revenues, even as sales in major markets such as the United States and China have slowed. The company has seen steady momentum in the country, driven by rising premiumisation and strong demand for brands such as Royal Stag, Blenders Pride, Jameson and Absolut.

The deliberations come amid efforts by global consumer companies to unlock value from their fast-growing businesses in India. However, no details have been finalised regarding the timing, size, or listing venue, and there is no certainty that the IPO will proceed.

Pernod Ricard’s India arm, a fully owned subsidiary, has operated in the country for over three decades and remains one of the group’s most strategically important markets.