BrewDog IPO

Everything you need to know

BrewDog is one of the UK’s most eagerly anticipated potential IPOs. Here, we break down what is known about the company’s IPO prospects.

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When is BrewDog’s IPO date?

No date for a BrewDog IPO has been set, but the brewery and pub chain operator first announced its floatation plans as far back as 2018. The company has been waiting for the right time to debut on the stock market, though the departure of CEO James Watt in 2024 could further delay any IPO plans.

What will BrewDog’s stock ticker be?

BrewDog’s stock ticker is also yet to be announced, but the company has hinted that it plans to list on the London Stock Exchange.

What is BrewDog’s valuation?

BrewDog’s most recent valuation, from early 2023, indicated that the company was worth around $2bn.

How to trade on BrewDog's IPO

1. Register for an account

We offer 10,000+ tradable shares, which will include BrewDog’s new listing.

2. Choose whether you want to go long (buy) or go short (sell)

Note that some trading restrictions may apply on initial trading.

3. Follow market news

BrewDog is a trending company and there are many aspects of the IPO to consider, including regulations, business stance and stakeholders.

4. Consider risk-management tools

Share prices can rise and drop suddenly on their stock market debut, so it may be worth adding stop-loss or take-profit orders to any open positions in order to prevent capital loss.

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How has BrewDog performed financially pre-IPO?

Although BrewDog’s revenue grew 12% to £321.2m in 2022-23, the company reported a £24m operating loss for the period, which it attributed to higher production and energy costs. The company also cited investments in infrastructure, the brand and its people as factors that contributed to the loss. However, it’s worth bearing in mind that past performance isn’t indicative of future results.

Why might investors be interested in BrewDog’s upcoming IPO?

According to Equity for Punks – BrewDog’s crowd-funding investment initiative, the last round of which closed in 2021 – some of the key reasons to invest in the company include the business’ growth, the beer discounts available to investors, and an invitation to the company’s notorious ‘Annual General Mayhem’ – a day of music, food and beer held every year at the company’s brewery in Ellon, near Aberdeen.

However, it remains to be seen whether or not perks such as beer discounts and festival tickets will be extended to new shareholders after the company lists.

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What are the potential risks for BrewDog?

The coronavirus pandemic had a negative impact on BrewDog’s pubs business, just as it did on the wider hospitality industry. However, this risk factor has – for now – abated.

A key concern for investors has been the reports of a “culture of fear” at BrewDog. Separate BBC articles from 2021 highlighted accusations from former employees that BrewDog was a “sexist boys’ club” and that the company fostered a “toxic” and “misogynistic” work culture. For its part, the company has “accepted mistakes were made” and noted that it “could improve”. In 2022 “several ex-BrewDog workers” accused then-CEO James Watt of “inappropriate behaviour”, according to a BBC Disclosure investigation. Lawyers have described these allegations as false, the BBC notes.

The company has also faced criticism of its green credentials. A group of former staff calling themselves ‘Punks with Purpose’ has accused BrewDog of hypocrisy over its environmental branding and its use of chartered transatlantic flights.

A Financial Times article in 2021 commented that BrewDog “made Blythe Jack, a managing director at private equity firm TSG Consumer Partners, which bought a stake [in BrewDog] in 2017, chair of its board in the wake of the claims” about the company’s culture. However, BrewDog investors are reportedly concerned about the terms of TSG’s involvement with BrewDog. According to the FT article, TSG “is guaranteed an 18% compounding annual return on its 22% holding in the event of an IPO”, with priority given to this agreement over other shareholders. This means that newer investors could lose money even if BrewDog’s value increases. Myrto Lalacos, investment executive at Praetura Ventures, was quoted in the FT as saying that crowdfunding investors would only recoup their investment if the company sold for £2bn or more in 2024.

Who is BrewDog’s competition?

In terms of craft beer, BrewDog lists its main competitors as Goose Island, Innis & Gunn, Beavertown and Camden Town Brewery. The latter joined Goose Island in the Anheuser-Busch InBev [ABI] family in late 2020, when the multinational brewery bought the remaining 68.8% stake it didn’t already own for $220m. Yet despite the deep pockets of its rivals, BrewDog is a major player in the British craft beer market. In 2022, BrewDog products accounted for half of the top-ten craft beers sold in the UK.

As for overall beer sales, ABI was the largest beer company in the world in 2023, with sales amounting to around $58bn, according to Statista. This gave ABI a roughly one-third share of the global beer market. It was followed by Heineken with a share of around 14%, China Resources Snow Breweries with just over 6%, and Carlsberg with about 6%.

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Where can I trade BrewDog’s IPO?

Following BrewDog’s IPO, the stock will be listed on our Next Generation trading platform under Products > Shares > UK. Alternatively, you can search for ‘BrewDog’ in the Product Library. Open an account to get started.

What’s the lock-up period on BrewDog’s IPO?

It’s not yet clear whether there will be a lock-up period on BrewDog’s IPO as the company could do a direct listing, which has no lock-up period. The end of a lock-up period can be a volatile time for share prices, especially if insiders know something that incentivises them to sell shares altogether, so read our risk-management guide to learn how to combat this risk.

What other breweries can I trade before BrewDog’s IPO?

Some of the largest publicly listed breweries are: Anheuser-Busch InBev [ABI], which owns Bud Light and Budweiser as well as craft beer brands such as Camden Town Brewery and Goose Island; Heineken [HEIA] which, as well as its eponymous flagship brand, owns Amstel, Sol and Tiger; China Resources Beer [0291HK]; and Carlsberg [CABGY].

Who are currently the largest BrewDog shareholders?

Co-founders James Watt and Martin Dickie own 41% of BrewDog between them, split 21% and 20% respectively, with private equity company TSG Consumer Partners owning a 22% stake in the company. It is unclear how much of the rest of BrewDog’s stock is owned by investors via its Equity for Punks programmes.

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