B9 Beverages Ltd, the company behind the craft beer brand Bira 91, is preparing for an initial public offering (IPO) slated for 2026. The company, which claims a 5% market share in key regions, is recognized as the fourth-largest beer producer in India.
According to sources familiar with the matter, B9 Beverages has engaged Morgan Stanley to assist with its pre-IPO activities. CEO Ankur Jain confirmed the planned IPO, highlighting that it depends on the company achieving specific operational milestones.
In the previous month, Bira 91 secured $25 million (approximately INR 208 crore) through external commercial borrowing (ECB) from its current investor, Kirin Holdings. Established in 2015 by Ankur Jain, B9 Beverages has built a reputation for its range of beers, ciders, and seltzers. The company’s investors include Peak XV Partners, Sofina, and DS Group, contributing to its total funding of $449 million to date.
Bira 91 boasts a presence in 550 towns and cities across 18 countries. In December 2022, the company transitioned to a public entity and rebranded as B9 Beverages Ltd, as reflected in its regulatory documents.
Despite its growth, B9 Beverages reported a net loss of INR 445.4 crore for the financial year 2022-23 (FY23), a 12% increase from the previous year's loss of INR 396 crore, driven by rising expenses and excise duties.
