Orion Breweries

オリオンビール

TSE Prime ・ Ticker 409A ・ Listed

Updated Oct 1, 2025

Result on listing day

+119.2%

Offer price

850 yen

First traded price

1,863 yen

Selling 100 shares at the first traded price would have produced a gain of 101,300 yen, before fees and tax. 100 shares is the minimum trading unit in Japan.

Application period (book building): 2025-09-09 — 2025-09-12
Lottery result: 2025-09-16
Listing date: 2025-09-25
Cash needed to apply for one lot (100 shares): about 85,000 yen
Offering size (at the offer price): 27 billion yen ・ 31,697,600 shares
Market capitalisation at listing: 35 billion yen
Lock-up: Not translated — this is the wording from the Japanese offering documents, kept verbatim so it matches what your broker shows: 上位株主に180日間（価格による解除条件なし）
Company website: https://www.orionbeer.co.jp/

Closing prices after listing

Compared with the first traded price of 1,863 yen.

2025-09-251,950 yen+4.7%

2025-09-261,750 yen-6.1%

2025-09-291,650 yen-11.4%

2025-09-301,754 yen-5.9%

2025-10-011,690 yen-9.3%

Brokers you can apply through

You can only enter this lottery through a broker underwriting it. The joint lead underwriters are Nomura Securities, Mizuho Securities, SMBC Nikko Securities, which receive the largest allocations.

野村證券みずほ証券 SMBC日興証券 SBI証券楽天証券松井証券

Broker pages are in Japanese. A comparison in English is on the brokers page.

What stands out

Holds an 83.8% share of beer sales volume in Okinawa, including the Asahi-licensed products it brews (fiscal 2023)
Sales outside Okinawa and overseas are growing, rising from about 12% of the drinks business in the year to March 2020 to about 23% in the year to March 2025
Okinawa drew 9.95 million visitors in fiscal 2024, up 16.6% on the year before, supporting demand

What could go wrong

The reduced liquor tax long applied to beer shipped within Okinawa is abolished on 1 October 2026 (the reduction for awamori ends in May 2032)
Beer accounts for more than 70% of sales and 76% of that beer is sold inside Okinawa, so both the product mix and the region are concentrated (year to March 2025)
Borrowings from the 2019 management buyout still stood at 16.0 billion yen in March 2025, equal to 84.4% of total equity

About the company

A brewer founded in Okinawa in 1957, maker of the Orion beer brand, which also runs resort hotels and other tourism businesses.

How it makes money

Its main business is alcoholic and soft drinks, which brought in 22.73 billion of the 28.86 billion yen of consolidated revenue in the year to March 2025. Besides beer it sells canned chu-hi (RTD), awamori and soft drinks, and 76% of its beer revenue comes from within Okinawa. Its share of beer sales volume in the prefecture is 83.8%, counting products it brews under licence from its partner Asahi Breweries (fiscal 2023, calculated by the company from National Tax Agency figures). The other pillar is tourism and hotels, including the Orion Hotel Motobu Resort and Spa near the Churaumi Aquarium.

Where growth is meant to come from

It is widening sales outside Okinawa and overseas, and those markets grew from about 12% of the drinks business in the year to March 2020 to about 23% in the year to March 2025. A five-year medium-term plan began in April 2025 with a target of return on equity above 15%. Consolidated revenue for the year to March 2026 rose to 29.71 billion yen, but net profit fell to 3.64 billion yen from 7.30 billion a year earlier, and the company forecasts 31.12 billion yen of revenue and 2.93 billion yen of net profit for the year to March 2027, a further decline in profit.

Read about this company in Japanese →

Figures are taken from the offering documents and public sources, and are checked against two independent sources before publication. Nothing here is investment advice. Shares can and do open below their offer price.