Orion Breweries Ltd. (Ticker: 409A JP) is a Japanese beer producer headquartered in Okinawa, also engaged in tourism and hotel development. The company, owned by Carlyle Group and Nomura Holdings since 2019, plans to list on the Tokyo Stock Exchange on September 25, 2025. The IPO will consist of 21.67 million secondary shares, with a greenshoe option of up to 3.25 million shares, aiming to raise approximately ¥16.7 billion (USD 113 million) at an estimated offer price of ¥770 per share. This values Orion at around ¥31.4 billion (USD 212 million). According to sources, all proceeds will go to existing shareholders, Carlyle and Nomura, who are partially exiting their investment. The offering is underwritten by Mizuho Securities, Nomura Securities, and SMBC Nikko Securities. A successful debut would mark one of Japan’s notable consumer IPOs of 2025 amid a recovering pipeline.