Craft beer maker Bira 91 now became a legal entity as it prepares for its initial public offering (IPO). According to regulatory filings, the startup has become a public company and renamed itself B9 Beverages Limited.
The conversion to a public company is an important step in the company's plans to list on Indian stock exchanges. Following that, the startup will submit its draught red herring prospectus (DRHP) to market regulator Securities Exchange Board of India (SEBI). Bira's ESOP pool has been expanded by 1,566,390 options, according to the startup's board of directors. The decision to go public comes just weeks after the startup raised up to $70 million from Japanese beverage conglomerate Kirin Holdings. So far, the company has received $280 million in funding from a variety of investors, including Sequoia and Sixth Sense Partners.