Orion Breweries, the Okinawa-based beer producer, will list its shares on the Tokyo Stock Exchange on September 25, 2025. The company, owned by Carlyle Group and Nomura Holdings, confirmed the plan in a regulatory filing. The offering is expected to raise up to JPY 16.7 billion (USD 113 million), valuing the brewer at JPY 31.4 billion (USD 213 million).
Nomura Securities, SMBC Nikko Securities, and Mizuho Financial Group have been appointed as underwriters. Carlyle and Nomura, who jointly acquired Orion in 2019 for JPY 57 billion (USD 386 million), will sell part of their holdings through the flotation.
The IPO comes at a challenging time for the Japanese beer market, where volumes at major brewers fell 4% year-on-year in June, as consumer spending faces inflationary pressure. Nevertheless, the deal is seen as a boost for Japan’s sluggish IPO market, which has seen limited activity since the listing of JX Advanced Metals in March.
Founded in 1957, Orion is the fifth-largest brewer in Japan, with a strong presence in Okinawa and growing sales of its flagship Orion Draft Beer nationwide. Earlier this year, Takaomi Tomioka, co-head of Carlyle Japan, had signaled that an IPO in 2025 was the firm’s target.
