Pernod Ricard considers India IPO amid strong growth
Pernod Ricard explores India IPO amid strong growth while competing for Brown-Forman acquisition, highlighting strategic expansion and premiumisation focus in key global spirits markets.
INDIA – Pernod Ricard is reportedly preparing for a potential initial public offering (IPO) of its India business, a move that could rank among the largest listings in the country’s consumer sector if it proceeds.
According to Bloomberg, the company’s Indian unit has begun early-stage preparations and is working with Goldman Sachs and Cyril Amarchand Mangaldas on the process. The report noted that deliberations remain ongoing and details of the potential offering could still change.
A company spokesperson told Reuters that Pernod Ricard “regularly assesses and evaluates its strategic opportunities and is continuously exploring options to create value for its shareholders, including optimizing its capital structure.”
The spokesperson added, “At this stage, no decision has been made regarding any particular action or involving any of these options.”
The development comes as the company continues to record strong performance in India, one of its key growth markets.
In its third-quarter results, Pernod Ricard reported 11 percent revenue growth in India, supported by the sale of its Imperial Blue business, rising consumer demand, and continued premiumisation trends.
“Q3 benefitted from strong underlying demand and continuing premiumisation, along with the disposal of the Imperial Blue business,” the company said in its earnings statement.
It added that the Indian spirits market continues to benefit from solid consumer fundamentals, with year-to-date growth of 6 percent for the last months of the 2026 financial year.
Globally, the company reported third-quarter net sales of 1.94 billion euros (US$2.28B), reflecting organic growth of 0.1 percent. For the July to March period, net sales reached 7.1 billion euros, although organic sales declined by 4.4 percent.
Brown-Forman deal talks intensify
Separately, Reuters reported that the family controlling Brown-Forman, the maker of Jack Daniel’s, is said to favour a potential sale to Pernod Ricard over a competing bid from Sazerac.
Sources familiar with the matter indicated that the family views Pernod Ricard as a more prestigious acquirer, citing its portfolio of globally recognised brands.
The proposed transaction could combine cash and stock, allowing the family to retain a meaningful stake and some influence in the combined entity.
Reuters reported that the contemplated Pernod Ricard offer could consist of approximately 80 percent stock and 20 percent cash, although the structure remains subject to change.
Sazerac, controlled by the Goldring family, has reportedly offered around US$15 billion, or US$32 per share, for Brown-Forman. Unlike this more traditional buyout structure, analysts have suggested that a deal involving Pernod Ricard could take the form of a share swap, enabling the Brown family to maintain partial control over the business.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
