News from the Web

Budweiser blues: AB InBev scraps plans for largest IPO of 2019

16

The worlds largest brewer has abandoned plans for a blockbuster initial public offering (IPO).

Budweiser owner AB InBev cited weak market conditions as it pulled the plug on a $9.8bn (£7.8bn) listing on the Hong Kong Stock Exchange.

The float, which was billed as the worlds largest IPO of 2019, comes against a backdrop of global investor uncertainty over trade tensions between China and the US.

The firm blamed “several factors, including the prevailing market conditions”, for its decision.

AB InBevs shares price closed down three per cent on Friday in New York following the move.

The multinational drink and brewing group had been hoping to overtake Uber as 2019s largest listing.

It said that much of the funds raised from the IPO, which were expected to be in the range of $8.3bn and $9.8bn, would have been geared towards slashinRead More – Source

Comments are closed.