Orion Breweries, backed by Carlyle Group and Nomura Holdings, surged 129% on its trading debut in Tokyo after a ¥23bn ($156m) initial public offering, Bloomberg reports.

Shares in the Okinawa-based brewer opened 119% above the ¥850 offer price and closed at ¥1,950, after an IPO that was more than 60 times oversubscribed. Demand from retail investors was particularly strong at about 90 times the allocation, with institutions including M&G and Neuberger Berman also participating. Retail investors accounted for 48% of the shares sold.

The IPO marked one of Japan’s strongest debuts in 2025, providing support for a slowing domestic listing market. So far this year, Japanese share offerings have raised ¥622bn, compared with ¥961bn in all of 2024.

Orion expects adjusted operating profit of about ¥4bn for the fiscal year ending March 2026, an increase of 13% year-on-year, and is targeting a return on equity of 15%.

Carlyle and Nomura acquired Orion in 2019. The IPO underwriters were Nomura Securities, Mizuho Financial Group, and SMBC Nikko Securities.

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