Business Maverick: AB InBev’s Asia Unit Opens Higher Despite Gloomy IPO Market

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 84%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Business Maverick: AB InBev’s Asia Unit Opens Higher Despite Gloomy IPO Market By Bloomberg

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. That gave the Asian unit an enterprise value of $45 billion, helping the parent company reduce its massive debt load and laying the groundwork for possible future acquisitions.

The shares rose to as much as HK$27.60 in Hong Kong, up from the offering price of HK$27. The benchmark Hang Seng Index was down as much as 0.7%. The result provides an encouraging conclusion to what’s been a rocky IPO path for the Asia arm of the world’s biggest beer company. Budweiser Brewing originally expected to storm into Hong Kong as a $64 billion company, but the deal wasin July amid lackluster demand. It was a high-profile setback that highlighted the growing disconnect between companies’ lofty private valuations and investors’ expectations, with would-be buyers skeptical of even well-known brands.

AB InBev revived the offering after selling its Australian operations to Japan’s Asahi Group Holdings Ltd. for about $11 billion. That roughly halved the size of the Asia-Pacific offering, giving investors a more focused stake in faster-growing parts of the regional business, with brands like Cass in South Korea and Harbin in China.scene unsettled this year by volatile markets and geopolitical uncertainties.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Barclays pays $6.3-million to settle US SEC's Asia-Pacific hiring probe - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Barclays (BARC.L) has agreed to pay about $6.3 million to settle U.S. charges it violated a federal anti-bribery law by hiring family and friends of foreign officials in the Asia-Pacific region to help win or retain investment banking business.
Source: SABC News Online - 🏆 32. / 51 Read more »

BUSINESS MAVERICK: Treasury pulls rabbit out of hat with $5bn sale of two international bondsSouth Africa’s Treasury has issued a pair of international bonds to the tune of $5-billion, the largest such transaction out of sub-Saharan Africa. It’s a vote of investor confidence that Finance Minister Tito Mboweni can do with ahead of his medium-term budget speech in October and a looming Moody’s downgrade.
Source: dailymaverick - 🏆 3. / 84 Read more »

BUSINESS MAVERICK OP-ED: A DNA test could save your life, but potentially also hand you a life sentenceGenetic testing provides a glimpse into your future. It identifies the elements and environments you should avoid, as it puts your wellbeing at risk. But you could also learn some scary facts, such as the high chance of your developing serious conditions such as early-onset Alzheimer’s or incurable rare cancer. Whether you dare a drive down DNA lane as I did or choose to play the odds of ignorant bliss, genetic screening is life-changing stuff.
Source: dailymaverick - 🏆 3. / 84 Read more »