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Friday, July 12, 2019, 17:05
AB InBev Asia unit struggles to price Hong Kong IPO
By Bloomberg
Friday, July 12, 2019, 17:05 By Bloomberg

Bottles of beer and cider produced by Belgian-Brazilian group Anheuser-Busch InBev and British brewer SABMiller (Bulmers and Peroni) are pictured in London, on October 13, 2015. (JUSTIN TALLIS / AFP)

Budweiser Brewing Company APAC Ltd, the Asia Pacific unit of Anheuser-Busch InBev NV, is struggling to price its Hong Kong initial public offering that could raise as much as US$9.8 billion, according to people with knowledge of the matter.

The brewer was marketing 1.63 billion shares for HK$40 to HK$47 each, according to a prospectus

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The company, which was expected to price the share sale July 11 during US hours, is weighing options including relaunching the offering at a later date with different terms, said the people, who asked not to be identified as the information is private. The brewer was marketing 1.63 billion shares for HK$40 to HK$47 each, according to a prospectus.

Arrangers on the deal reviewing the investor orders are so far having difficulty finding sufficient demand to price the deal within the current range, the people said. The company will meet with advisers over the weekend to decide the next steps, one of the people said.

READ MORE: AB InBev Asia unit guides HK IPO pricing toward bottom

A representative for AB InBev declined to comment. Reuters has reported earlier that the company won’t price the share sale by Friday as planned.

Budweiser has no later than July 15 to price the offering, according to the prospectus. The company was scheduled to start trading in Hong Kong on July 19. JPMorgan Chase & Co and Morgan Stanley are leading the offering.

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