Anheuser-Busch InBev cancels Hong Kong IPO
Illustration: Sarah Grillo/Axios
Anheuser-Busch InBev, the world's largest beer brewer, canceled the $9 billion-plus Hong Kong IPO of its Asia-Pacific business, due to weak investor demand.
Why it matters: It was supposed to have been the year's largest global IPO, but instead became the year's largest global IPO flop. It's also a caution against breathless headlines about "oversubscribed" floats before they actually price. Now, it will be harder for InBev to reduce its $100 billion debt-load, and is likely to slow planned expansion in The Philippines, Thailand, and Vietnam.