Anheuser-Busch InBev NV will kick off a second attempt to spin off its Asian bus...
) will kick off a second attempt to spin off its Asian business in Hong Kong with the launch on Wednesday of an IPO worth up to $6.6 billion that could be the world’s second largest this year.
The flotation will be a test of investor appetite following anti-government protests that have roiled Hong Kong for nearly four months and have weighed on the stock market. The new Budweiser APAC offering includes a rare “upsize” option that will enable the company to sell up to 36.8% more shares. Assuming it exercises the option in full at the top end of the price range, the sale could raise up to $6.6 billion before any regular overallotment option is included.Proceeds will help the company, the world’s largest brewer, reduce debts of more than $100 billion, accumulated following the purchase of rival SABMiller in late 2016.
Without Australia, a large but mature market, AB InBev’s Asia-Pacific operations would be more focused on faster growth markets such as China, India and Vietnam, which could make it easier to achieve a higher valuation, sources have said. According to the draft prospectus filed earlier this month, Budweiser APAC booked first-quarter normalized earnings before interest, tax, depreciation and amortization of $558 million, up 23% from a year earlier.
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