AB InBev has announced it is not proceeding with the initial public offering of a minority stake in its Asia Pacific subsidiary, Budweiser Brewing Company APAC, on the Hong Kong Stock Exchange.
The world’s largest brewer said the decision was due to “to several factors, including the prevailing market conditions”.
Earlier this month, it was revealed the company was looking to raise between $8.3 billion and $9.8 billion through the listing. Trading was set to start on 19 July.
Part of the funds raised through the float would have been used for reducing AB InBev’s debt it amassed through the acquisition of SABMiller for more than $100 billion in 2016.
Even at the low end of the price range, the IPO was set to be the biggest globally this year, higher than the $8.1 billion raised by Uber in May.
In a statement, AB InBev said: “The company will closely monitor market conditions, as it continuously evaluates its options to enhance shareholder value, optimise the business and drive long-term growth, subject to strict financial discipline.”
© FoodBev Media Ltd 2019