Scepticism over AB InBev's high valuations doomed Budweiser APAC's IPO...
HONG KONG/NEW YORK/BRUSSELS - Scepticism over AB InBev’s high valuations doomed Budweiser APAC’s IPO of up to $9.8 billion - poised to be the world’s biggest this year - investors and bankers said, putting would-be floats on notice that careful pricing remains key to success.
Anheuser Busch InBev NV , the world’s largest brewer, dramatically shelved the initial public offering of its Asian business on Friday, citing market conditions among other factors. The deal was expected to raise $8.3 billion to $9.8 billion for AB InBev, helping the heavily indebted brewer reduce its leverage, and giving Budweiser APAC a market capitalization of $54 billion to $64 billion.
“The Company and banks all counted on long-onlys to make big orders,” said one source involved in the deal, who was not authorized to speak publicly on the matter and so declined to be identified. “Many long-onlys got cold feet and didn’t show up on the last day as expected.”
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