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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Anheuser-Busch InBev    ABI   BE0974293251

ANHEUSER-BUSCH INBEV

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Budweiser APAC guides pricing towards low end of range for up to $9.8 billion HK IPO - sources

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07/11/2019 | 02:36am EDT
Portfolio beer brands of Budweiser Brewing Company APAC Ltd are displayed during a news conference on the company's IPO in Hong Kong

HONG KONG (Reuters) - Budweiser Brewing Company APAC, the Asia-Pacific business of Anheuser-Busch InBev (AB InBev), has guided potential investors towards the bottom of a marketed pricing range for its up to $9.8 billion (£7.8 billion) Hong Kong IPO, two people said.

Investors have already subscribed for more shares than the company is offering in the float, the world's biggest initial public offering this year, Reuters has reported.

The books, which have attracted orders from long-only institutions, sovereign wealth funds and pension funds, will close on Thursday. The final price has yet to be set and is subject to change.

The sources declined to be identified as they were not authorised to speak on the matter.

Budweiser APAC, whose portfolio of more than 50 beer brands includes Stella Artois and Corona, declined to comment.

The company launched its Hong Kong float last week.

It is selling about 1.6 billion primary shares at between HK$40-$47 ($5.13-$6.02) apiece in the IPO, seeking to raise between $8.3 billion and $9.8 billion, much of which will go towards paying down debt at its highly leveraged parent.

AB InBev, the world's largest brewer, has been working to reduce a debt pile of more than $100 billion that was built up by its purchase of rival SABMiller in late 2016.

The company has positioned its Hong Kong listing as creating a champion in Asia-Pacific, where sales are growing as increasingly wealthy consumers turn to premium beer brands.

Even at the low end of the price range, the IPO would surpass the $8.1 billion New York float of Uber in May, the biggest globally this year, Refinitiv data shows.

The deal will also be a welcome boost to Hong Kong, which is lagging behind the New York Stock Exchange and Nasdaq in terms of IPOs this year, with $8.9 billion to its credit as of June, versus $17.5 billion and $14.9 billion for its U.S. rivals.

The investor response to the offering will also act as a barometer for other large share sales in the near future, with Alibaba Group Holding Ltd considering raising as much as $20 billion through a listing in Hong Kong.

The Hong Kong Interbank Offered Rate rose across the curve https://af.reuters.com/article/idAFL4N2450VE last week, with several tenors reaching their highest levels since late 2008, as investors rushed for cash ahead of Budweiser APAC's IPO amid tight liquidity in the domestic market.

Budweiser APAC is due to begin trading on July 19.

JPMorgan and Morgan Stanley are the joint sponsors of the Hong Kong float.

(Reporting by Julie Zhu; Editing by Himani Sarkar)

By Julie Zhu

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 0.58% 174 Delayed Quote.26.94%
ANHEUSER-BUSCH INBEV 1.06% 84.5 Delayed Quote.46.45%
JP MORGAN CHASE & COMPANY 0.64% 114.27 Delayed Quote.16.31%
MORGAN STANLEY 0.25% 44.5 Delayed Quote.12.23%
UBER TECHNOLOGIES INC 1.18% 43.69 Delayed Quote.0.00%
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Financials (USD)
Sales 2019 55 162 M
EBIT 2019 18 287 M
Net income 2019 10 098 M
Debt 2019 96 867 M
Yield 2019 2,13%
P/E ratio 2019 18,4x
P/E ratio 2020 19,0x
EV / Sales2019 5,12x
EV / Sales2020 4,79x
Capitalization 186 B
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 98,19  $
Last Close Price 94,68  $
Spread / Highest target 29,2%
Spread / Average Target 3,70%
Spread / Lowest Target -34,8%
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NameTitle
Carlos Alves de Brito Chief Executive Officer
Olivier Goudet Chairman
Luis Felipe Pedreira Dutra Leite Chief Financial & Solutions Officer
Martin J. Barrington Non-Executive Director
William F. Gifford Non-Executive Director
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