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Hold the beers: Budweiser APAC IPO hit by investor push-back


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Kathleen Smith
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Julie Zhu
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Abhinav Ramnarayan
Alun John
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Christopher Cushing


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The New York Times
SOURCE: http://feeds.reuters.com/~r/reuters/topNews/~3/u0k_2mfDxsY/hold-the-beers-budweiser-apac-ipo-hit-by-investor-push-back-idUSKCN1UA0HX
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Summary

7 Min ReadHONG KONG/NEW YORK/BRUSSELS (Reuters) - 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. “It’s a really tricky market at the moment and you’ll notice that almost all the deals that priced at the bottom of the range this year have traded down.” AB InBev’s pricing valued its Asian business at 16 to 18 times its expected enterprise value (EV) relative to its expected EBITDA - earnings before interest, tax, depreciation and amortization - in 2020, according to sources involved in the deal. For a graphic on Amount raised by IPOs globally year to date, see - tmsnrt.rs/2NTGwPL The shelved Budweiser APAC deal is also a blow to Hong Kong Exchanges & Clearing Ltd (0388.HK), the city’s bourse operator, which is lagging behind its New York rivals in the annual battle to be the leading global listings venue.

As said here by Julie Zhu