Bira 91 Maker Plans To Go Public In 2026

B9 Beverages Ltd, which owns craft beer brand Bira 91, is reportedly planning for an initial public offering in 2026. The startup claims to be the fourth-largest beer company in India, sitting at a market share of 5% across key regions.

Citing people close to the development, ET reported that B9 Beverages has tapped investment banking firm Morgan Stanley for its pre-IPO process.

“We are planning our IPO in 2026. This is contingent on meeting operating milestones in the business,” B9 Beverages’ CEO Ankur Jain was quoted as saying in the report.

Last month, the beer brand raised $25 Mn (about INR 208 Cr) via external commercial borrowing (ECB) from its existing backer Kirin Holdings.

Founded in 2015 by Jain, B9 Beverages is a craft beer brand that is known for its beer, ciders and seltzers. B9 Beverages counts Peak XV Partners, Sofina and DS Group among its marquee investors, and has acquired $449 Mn in funding so far.

Bira 91 claims to sell its beer across 550 towns and cities, spanning over 18 countries. The startup claims to be the fourth-largest beer company in India.

Gearing up for its initial public offering (IPO), craft beer maker Bira 91 became a public entity, in December 2022, while also renaming itself as B9 Beverages Ltd, as per its regulatory filings.

The beer company’s net loss rose 12% to INR 445.4 Cr in the financial year 2022-23 (FY23), from INR 396 Cr in the previous fiscal year, burdened by higher expenses and excise duty.