AB InBev Asia unit raises $5 billion in world's second-largest 2019 IPO by julie_zhuli
HONG KONG - AB InBev raised about $5 billion in a Hong Kong IPO of the brewer’s Asia-Pacific unit after pricing it at the bottom of a marketed range, as investors backed a deal seen as offering value despite the city being hit by anti-government protests.
AB InBev had cancelled a plan for a bigger initial public offering of the unit in July that could have raised as much as $9.8 billion, citing “several factors, including the prevailing market conditions”. Markets more generally are also on edge amid a trade dispute between the United States and China, as well as slowing global growth.
AB InBev’s revived IPO excludes its Australian operations, which it agreed to sell to Japan’s Asahi Group for $11 billion shortly after the previous IPO was shelved. The IPO pricing comes as Hong Kong leader Carrie Lam said on Tuesday that she hoped peaceful and rational dialogue will help find a way out of the protests gripping the former British colony.The public offering of Budweiser, whose portfolio of more than 50 beer brands includes Stella Artois and Corona, will also provide a much needed boost for IPO activity in Hong Kong, which is lagging behind its New York rivals. Companies have raised $10.
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