Carlyle-Backed Orion Shares Jump 129% After $156 Million IPO (2)

Orion Breweries Ltd.’s shares more than doubled in their trading debut on Thursday after the initial public offering attracted strong demand from investors.

After opening 119% higher, the stock extended gains to close at ¥1,950 in Tokyo compared with the ¥850 IPO price. The Okinawa-based beer maker priced its offering at the top of its book building range last week as investors including M&G Investment Management Ltd. and Neuberger Berman Group LLC expressed interest to buy the shares. The deal size increased to ¥23 billion ($156 million) from about ¥17 billion, with its sellers raising the number of shares ...