Budweiser Brewing wins HK approval for US$7bn IPO

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EMEA, Asia

Budweiser Brewing Company APAC, the Asia-Pacific business of Anheuser-Busch InBev, has won listing approval from the Stock Exchange of Hong Kong, according to people familiar with the situation, for what could be the largest IPO in Hong Kong this year.

The company plans to start pre-marketing on Monday for a float of about US$5bn–$7bn with bookbuilding likely to start in early July, the people said.

JP Morgan and Morgan Stanley are the sponsors. They are also global coordinators and bookrunners with Bank of America Merrill Lynch and Deutsche Bank. The other bookrunners are BNP Paribas, CICC, Citigroup and HSBC.

AB InBev, the world’s largest brewer, said in May that the listing will create an APAC consumer goods champion and provide a vehicle for potential mergers and acquisitions in the region.

The company said only that it planned to list a minority stake, and cautioned that the deal would depend on valuation and market conditions, among other factors.

Budweiser Brewing produces and sells more than 50 beer brands including Budweiser, Stella Artois and Corona. Its principal markets in Asia-Pacific are China, Australia, South Korea, India and Vietnam, according to the filing.

The company posted a net profit of US$1.4bn in 2018, up 31% from 2017.

Budweiser Brewing APAC files for HK IPO