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PHOTO FILE: The Beer Brands of the Budweiser Brewing Company APAC Ltd range are showcased at a press conference on its IPO in Hong Kong, China on July 4, 2019. REUTERS / Andrew Geoffrey Jackson / Photo File
HONG KONG (Reuters) – The Budweiser Brewing Company APAC (1876.HK), the Anheuser-Busch InBev (AB InBev) business for the Asia-Pacific region (ABI.BR), will not cost its initial public offering at $ 9.8 billion by Friday as planned, said two people familiar with the matter.
Budweiser APAC, whose portfolio of more than 50 beer brands includes Stella Artois and Corona, guided potential investors down a price range marketed for its Hong Kong float, which would be the largest IPO in the world. world this year, Reuters reported on Thursday.
Investors have already subscribed for more shares than the company offers in the float. The books, which attracted orders from long-term institutions, sovereign wealth funds and pension funds, were closed on Thursday.
Company leaders and representatives of co-sponsors, JPMorgan (JPM.N) and Morgan Stanley (MS.N) have held the meeting on prices since. The final price should be set on Friday, sources told Reuters.
It was not immediately clear why Budweiser APAC had delayed the pricing decision.
According to its prospectus, if the price of the offer can not be finalized by Monday, July 15 (Hong Kong time), the IPO will not take place and will lapse.
Budweiser APAC sells about 1.6 billion primary shares at a price of between HK $ 40 and HK $ 47 (US $ 5.13 to US $ 6.02) on the IPO, seeking to raise between 8.3 and $ 9.8 billion, a large portion of which will be used to repay the debt of its highly indebted parent company.
A spokesman for Budweiser APAC declined to comment.
Julie Zhu report; Additional report by Jennifer Hughes; Edited by Himani Sarkar and Stephen Coates
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