Pernod Ricard has dampened speculation over a potential stock market listing of its Indian business, after reports suggested the group had begun preparations for an initial public offering (IPO).

According to media outlets, the French spirits giant is said to have kicked off an early stage process to explore a listing of its operations in India – one of its most important growth markets globally. Reports indicate the company had started to engage advisers as part of a potential IPO that could unlock significant value.

However, the company has publicly pushed back on the claims. Pernod Ricard said there was “no decision yet” regarding an IPO, downplaying suggestions that a listing process is underway.

The statement comes amid a intense couple of weeks for the Absolut and Chivas Regal producer. Just last month, it emerged that Pernod had been involved in discussions with Brown-Forman over a potential merger that could create one of the world’s largest premium spirits groups, as the sector grapples with weakening demand and mounting cost pressures.

India is a critical market for Pernod Ricard. It is one of the French company’s largest markets by volume, driven by a rising middle class that has shown growing interest in premium spirits.

Analysts have long viewed an India IPO as a plausible step. The market offers strong fundamentals for spirits, particularly whisky, where Pernod Ricard holds a leading position with brands such as Royal Stag and Blenders Pride. A local listing could also help navigate regulatory complexities and improve access to domestic capital.

For the time being however, such a move appears to remain exploratory as the company assesses market conditions and regulatory hurdles.