Deals
AB InBev’s Asia Unit Rises in Second-Biggest IPO of 2019
- Budweiser shares gain as much as 7% in Hong Kong debut
- Result is an encouraging conclusion to a rocky IPO path
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The Asia-Pacific beer unit of Anheuser-Busch InBev NV gained in its Hong Kong trading debut, boosting the lackluster global market in initial public offerings and vindicating the beermaker in its second attempt at an Asian listing.
Budweiser Brewing Company APAC Ltd. raised $5 billion selling shares at the bottom of a price range last week, in the world’s second-biggest IPO this year behind Uber Technologies Inc. The Asian unit ended its first day of trading with a market value of HK$373.5 billion ($48 billion), helping the parent company reduce its massive debt load and laying the groundwork for possible future acquisitions.