Pernod Ricard Prepares to Launch Initial Public Offering for India Subsidiary
Detailed Analysis
Pernod Ricard Embarks on Potential Initial Public Offering for Indian Business
Pernod Ricard SA, the French distiller behind well-known liquor brands such as Absolut vodka and Chivas Regal whisky, has initiated preparations for a potential initial public offering (IPO) of its Indian business. According to sources familiar with the matter, Pernod Ricard India Pvt. Ltd. has begun working closely with investment bank Goldman Sachs Group Inc. and law firm Cyril Amarchand Mangaldas.
The French company is likely to select its advisers and commence the formal process soon, the sources added. However, deliberations are ongoing, and details of the offering, including the timing, could change. A representative for Pernod Ricard stated that, at this stage, no decision has been made regarding any particular action or involving any of these options.
| Company | 2025 IPO Proceeds | | --- | --- | | Hyundai Motor India Ltd. | $1.4 billion | | LG Electronics India Ltd. | $1.2 billion | | Tenneco Clean Air Ltd. | $1.3 billion | | Carraro India Ltd. | $1.1 billion | | Total | $5.0 billion |
In contrast, Indian IPOs have raised about $2.9 billion through IPOs so far this year, compared with roughly $22 billion in all of 2025, according to data compiled by Bloomberg.
Pernod Ricard India is the company's largest market by volume and second-largest by value. The unit's chief executive, Jean Touboul, mentioned this in a December interview with the Times of India.
Pernod Ricard owns a diverse portfolio of brands, including Royal Stag, Blenders Pride, 100 Pipers, Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute, and Jameson Irish whiskey. The company employs more than 1,500 people in India and operates 24 production sites, according to its website.
Last year, Pernod Ricard India sold its Imperial Blue business division to Tilaknagar Industries Ltd. for an enterprise value of as much as 41.5 billion rupees ($446 million).
