Brewing Giant Budweiser Aims to Raise $9.8 billion in Hong Kong IPO
Anheuser-Busch InBev Group, the company behind Budweiser beer, expects to raise over $9.8 billion in its upcoming Hong Kong IPO, Nikkei reports Tuesday, July 2.
The brewing giant that currently owns more than 50 beer brands, including Stella Artois, Corona, and Budweiser, is set to offer 1.63 billion shares at a price range of $5 to $6, according to Nikkei's sources. As a result, Budweiser Brewing might reach a total market capitalization of $63.7 billion.
The public offering might surpass Uber Technologies Inc’s recent listing. In May, the ride-hailing service managed to raise $8.1 billion in the largest IPO of 2019 so far.
Anheuser-Busch InBev Group reported a profit of $351 million in the first three months of 2019, a 1.4% increase year-on-year. In the meantime, the company's Q1 revenue decreased by 1.9% to $1.99 billion.
Meanwhile, Chinese e-commerce company Alibaba Group Holding is also rumoured to be planning an IPO in Hong Kong. The firm reportedly aims to raise as much as $20 billion.