World's top brewer revives listing plans, halves IPO size

September 17, 2019 - 3:47 am

HONG KONG (AP) — AB InBev, the world's largest brewer that produces Budweiser and Corona, has revived plans to list its Asian business in Hong Kong but halved the size of its initial public offering.

The move comes two months after it temporarily shelved plans to raise $9.8 billion in what would have been the world's biggest IPO this year, citing market conditions due to prolonged, sometimes violent protests in Hong Kong.

The company's Asian subsidiary, Budweiser Brewing Company APAC Limited, said Tuesday it will offer nearly 1.3 million shares for sale, for between 27 and 30 Hong Kong dollars each, raising up to $4.8 billion.

Budweiser APAC Chief Executive Jan Craps said the timing was it was the right now, with "strong investor demand to make it happen."