Pernod Ricard SA, the maker of Absolut vodka and Chivas Regal whisky, has begun work on a potential initial public offering of its Indian business, people familiar with the matter told Bloomberg.

Pernod Ricard India Pvt. Ltd. has started initial preparation and is working closely with Goldman Sachs Group Inc as well as the legal firm Cyril Amarchand Mangaldas, the people said.

The French distiller is likely to select advisers and kick off the formal process soon, they added.

Deliberations are ongoing, and details of the offering, including timing, could change, the people said.

A Pernod Ricard representative said that, at this stage, no decision has been made regarding any particular action or involving any of these options. Representatives for Goldman Sachs declined to comment, while Cyril Amarchand Mangaldas didn’t respond to requests for comment.

If completed, the listing would add Pernod Ricard to a growing list of multinational companies tapping Indian equity markets in recent years, including Hyundai Motor India Ltd, LG Electronics India Ltd., Tenneco Clean Air Ltd and Carraro India Ltd. Indian firms 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.

India is Pernod Ricard’s largest market by volume and second-largest by value, the unit’s chief executive, Jean Touboul, said in December.

Pernod Ricard owns brands including Royal Stag, Blenders Pride, 100 Pipers, Chivas Regal, Ballantine’s, The Glenlivet, Royal Salute and Jameson Irish Whiskey.

It 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 ₹4,150 crore.