Hong Kong’s IPO Pipeline Is About to Get Busier

(Bloomberg) -- Anheuser-Busch InBev NV kicked off the Hong Kong initial public offering of its Asian unit, valued at as much as $4.8 billion, on Wednesday in a sign the pipeline is coming to life after a quieter-than-usual summer.

Budweiser Brewing Company APAC Ltd. is returning to the market just two months after shelving its previous attempt to raise as much as $9.8 billion in a Hong Kong IPO. The sale will test investor sentiment after a drought of listings in the financial center that has been rocked by anti-government protests. No listing of over $100 million has been completed since early July, data compiled by Bloomberg show.

A lot will hinge on a successful Budweiser IPO, with some companies still in the process of meeting investors. Shanghai Henlius Biotech Inc. on Wednesday priced its Hong Kong IPO at the bottom of the range to raise $410 million, according to IFR. That would be the first one since the summer in Hong Kong.

Waiting in the wings are Czech consumer finance company Home Credit BV -- which is hoping to raise as much as $1.5 billion -- and private equity-backed Chinese sportswear retailer Topsports International Holdings which is eyeing a $1 billion IPO. Both companies are currently gauging investor interest after passing their hearings with the Hong Kong stock exchange.

Bank of Guizhou is also pre-marketing its IPO of about $1 billion while baby formula maker China Feihe Ltd. and household appliances maker JS Global Lifestyle Company Ltd. are expected to seek listing approval toward the end of the month.

With Budweiser conducting a shorter-than-usual roadshow, investors’ appetite for large deals will be clear by early next week, when the company is set to price its IPO.

UPCOMING LISTINGS:

• Budweiser Brewing Company APAC Ltd.
  • Hong Kong exchange
  • Size up to $4.8b
  • Books close Sept. 23, listing Sept. 30
  • JPMorgan, Morgan Stanley
• Jiangsu Cnano Technology
  • Shanghai Star board
  • Size $138m
  • Taking orders Sept. 16; listing date TBA
  • Minsheng Sec.
• Topsports International Holdings
  • Hong Kong exchange
  • Premarketing started Sept. 9
  • Size about $1b
  • Bank of America, Morgan Stanley
• Lendlease Global Commercial REIT
  • Singapore exchange
  • Taking orders from Sept. 17
  • Expected listing Oct. 2
  • As much as S$740.3m
  • DBS, Citi
• Asset World
  • Thailand exchange
  • Price: 6 baht
  • Size up to $1.6b
  • Property arm of billionaire Charoen Sirivadhanabhakdi
  • Listing date: Oct. 10
  • BofA Merrill Lynch, Morgan Stanley, UBS, Phatra Securities, Bualuang Securities, Kasikom Securities, SCB Securities
• Home Credit
  • Hong Kong exchange
  • Premarketing started Sept. 2
  • Citi, HSBC, Morgan Stanley
• AllHome (home-furnishing retailer)
  • Philippines stock exchange
  • Size up to $347m
  • Opened books Sept. 13
  • Pricing Sept. 26
  • Listing Oct. 10
  • Owned by billionaire Manuel Villar

More ECM situations we are following:

• Battery maker Farasis plans 3.4b yuan IPO on China’s tech board
• Lotte Tour holders sold a 4.9% stake at a 7% discount, according to Maeil Business Newspaper
• Bajaj Finance seeks to raise up to 85b rupees via share sale
• Mapletree Industrial raises S$400m from a private placement

SEE ALSO

• Asia ECM Weekly Agenda
• IPO data
• U.S. ECM Watch
• EU ECM Watch
• To receive the ECM Watch in your inbox daily, click the “subscribe” button at the top of this article

To contact the reporter on this story: Julia Fioretti in Hong Kong at jfioretti4@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Teo Chian Wei

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