Hong Kong: AB InBev raises $750 mln more in Hong Kong IPO

Anheuser-Busch InBev (AB InBev) subsidiary, Budweiser Brewing Company Apac, has raised $750 million (R11.47 billion), in addition to the $5 bln it managed to pull off last week in the initial public offering (IPO), the Independent Online reported on October 4.

The group said on October 3 that investors fully exercised an over-allotment option in connection with the IPO of a minority stake of its Asia Pacific subsidiary by selling extra 217.76 million shares.

�Such shares represent approximately 15 percent of the total number of the offer shares finally available under the initial public offering before any exercise of the over-allotment option,� the group said. The shares were sold for HK$27 (R52.66) each.

AB InBev intends to apply all of the net proceeds from the offering to repay its huge debt, part of which emanated from its acquisition of SABMiller for $100 bln in October 2016.

The group said upon the full exercise of the over-allotment option, it would control 87.22 percent of the issued share capital of Budweiser Apac.