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Name | Symbol | Market | Type |
---|---|---|---|
Anheuser Busch Inbev SA NV | NYSE:BUD | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.18 | -0.30% | 59.71 | 60.24 | 59.53 | 59.97 | 1,251,655 | 00:02:15 |
By Joanne Chiu
The Asian unit of Anheuser-Busch InBev SA (ABI.BT) has secured enough orders for the main part of its initial public offering, putting it on track for the world's second-largest listing this year.
Budweiser Brewing Co. APAC is set to price the Hong Kong stock sale on Monday, ahead of a listing on Sept. 30. It has drawn enough demand to cover its book, according to a person familiar with the situation. At the top price, the listing could raise $4.85 billion.
The person said the stock sale to institutional investors was "more than subscribed." The company previously set a price range of 27 to 30 Hong Kong dollars (US$3.45 to US$3.83) a share. A second, much smaller tranche of the deal is set aside for individual investors.
The IPO is a test of investment appetite. As of Thursday's close, the city's benchmark Hang Seng Index had fallen more than 6% in the past three months, according to FactSet, with Hong Kong hit by a summer of protests, and by trade tensions between the U.S. and China.
Depending on demand, the company could boost the deal's size to as much as US$7.6 billion. This is Budweiser APAC's second shot at going public, after halting an earlier attempt in July. Unlike the first try, this time Budweiser APAC has secured a US$1 billion pledge from Singapore sovereign-wealth fund GIC Pte. Ltd. to act as a cornerstone investor.
Write to Joanne Chiu at joanne.chiu@wsj.com
(END) Dow Jones Newswires
September 19, 2019 05:50 ET (09:50 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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