Budweiser’s HK IPO includes Indian work

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The Asia-Pacific unit of Budweiser Brewing Company has raised US$5.7 billion from its IPO, making it the second-largest in the world in 2019 and the largest to date in Hong Kong, where it was listed.

Budweiser APAC offered a minority stake to investors for HK$27 (₹244) per share and continues to hold 87.2% of the issued share capital. The company had exercised its over-allotment option and issued an additional 217.7 million shares, bringing the total offering amount to 1.4 billion shares.

J Sagar Associates advised Anheuser-Busch InBev Group, which owns Budweiser APAC, on the Indian leg of the transaction. This included advisory on internal corporate restructuring, reviewing transactional documentation, and providing strategic advisory on regulatory aspects.

The JSA team comprised partners Upendra Nath Sharma and Kartik Jain, principal associate Udhav Gulati, associates Manini Saraswat and Akshatha S Mattamari, and company secretary Anuj Jain.

AB InBev Group sells a large variety of beer under multiple brands including Budweiser, Stella Artois and Corona. Freshfields Bruckhaus Deringer and Sullivan & Cromwell acted as overseas counsel for the IPO.