Budweiser shares close 4 per cent higher on trading debut in Hong Kong
- The brewer’s US$5 billion IPO is the second-biggest listing globally this year after Uber Technologies
- Listing is a boost to the Hong Kong stock exchange as it fell behind New York, Nasdaq for global fundraising crown this year
Shares of Budweiser Brewing Company APAC, the regional arm of the world’s largest brewer, jumped more than 4 per cent on Monday as they made their trading debut in Hong Kong.
The company’s initial public offering came at a time when the city is enduring one of its worst political crises.
The revived US$5 billion offering last week was a shot in the arm to the Hong Kong stock exchange following a turbulent summer that saw several companies delay their IPOs as anti-government protests threatened the city’s reputation as an international financial centre.
Budweiser’s is the second biggest listing this year after Uber Technologies’ US$8.1 billion IPO in New York in May.
The Asia-Pacific unit of Anheuser-Busch InBev priced its shares last week at HK$27 each, the bottom of its price range of HK$27 and HK$30. Shares of Budweiser closed 4.4 per cent higher to HK$28.20.
The company, which counts Corona, Goose Island and Stella Artois among its brands, had hoped to raise as much as US$9.8 billion earlier this year, but scrapped its listing in July after it was unable to attract the valuation it desired. The company sold its Australian operations to Japan’s Asahi Group Holdings for A$16 billion (US$11 billion) before proceeding with last week’s slimmed-down offering. The Asahi transaction is expected to close in the first quarter of next year.