Gearing up for its initial public offering (IPO), craft beer maker Bira 91 has now become a public entity.
What is happening: According to regulatory filings, the startup has gone public and changed its name to B9 Beverages Limited.
The move represents a significant advancement in the company's plans to list on the Indian stock exchanges.
The move comes at a time when new-age tech startups' listing plans have been noticeably silent.
What next: Following that, the startup will submit its draft red herring prospectus (DRHP) to India's market regulator Securities Exchange Board of India (SEBI). The prospectus will explain the startup's financial situation and how much money it plans to raise.
Backdrop: Ankur Jain founded Bira 91 in 2015, which sells handcrafted beers in 550 towns and cities across 18 countries.
Volatile markets, fears of a recession, and concerns about the profitability of new-age technology companies have all contributed to the decision to postpone IPOs.
Despite these obstacles, Bira intends to go ahead with its IPO plans.
ESOP: The employee stock option (ESOP) pool has been expanded by the board of directors.
As part of this, a special resolution was passed to add 1,566,390 options to Bira 91's existing ESOP pool. The ESOP pool at the company now totals 3,649,199 options.
Funds raised: The decision to go public comes just weeks after the company received a $70 million investment from Japanese beverage conglomerate Kirin Holdings.
The startup raised approximately $20 million in its Pre-Series D round in August 2021. The company has so far received $280 million in funding from a variety of investors. Its backers include Sequoia Capital and Sixth Sense Partners.
The overall Indian beer market is expected to reach INR 580 billion by 2027, up from INR 350 billion in 2021.
Basically: Bira 91, now B9 Beverages Limited, has converted into a public company and has recently expanded its Employee Stock Ownership Plan opportunities.
