After hemming and hawing for the past few months, Budweiser Brewing Co. APAC Ltd, the Asia-Pacific subsidiary of Anheuser-Busch InBev (AB InBev), has priced its Hong Kong IPO at between $3.45 (HK$27) and $3.83 (HK$30) per share.

Budweiser APAC will offer 1.3 billion shares at the IPO set for Sept. 30 at the Hong Kong Stock Exchange (HKSE). At this pricing, Budweiser APAC looks to earn at least $5 billion.

On Sept. 12, Budweiser APAC resumed its application for the listing of a minority stake of its shares on the HKSE. At that time, it said there wasn't any guarantee the IPO will forge ahead despite resuming its IPO application. Budweiser APAC also pointed out "the decision to proceed will depend on a number of factors and prevailing market conditions."

This is the company's second attempt to IPO at Hong Kong. AB InBev, the world’s largest brewer, sought to sell as much as US$9.8 billion in Budweiser APAC stock in July to find relief from its heavy debt burden before pulling out of the planned listing. If this IPO had gone on, it would have become the world's largest this year so far.

The IPO would have topped that of Uber Technologies Ltd., which raised $8.1 billion in New York on May 10.

AB InBev describes the Budweiser APAC IPO as a means to advance regional consolidation. Analysts said AB InBev will likely use the IPO proceeds to reduce its massive debt load, which stood at more than $100 billion in April. It's been financing its growth by a series of mergers and acquisitions while amassing eye-opening debt in the process.

Its most massive acquisition was that of rival SABMiller, which it bought for $102.5 billion in 2018. Budweiser APAC is the largest brewer in Asia by retail sales. It produces and distributes 50 beer brands in China, Australia, South Korea, India, and Vietnam.

Budweiser APAC’s parent firm, Anheuser-Busch InBev, is the world's largest brewer.

Analysts noted AB InBev has taken steps to deleverage. It sold its Australian business for $11.3 billion in July, but despite this finds its huge debt pile practically intact. The loss of the large Australian market means AB InBev’s Asia-Pacific operations will concentrate on fast-growth markets such as China, India and Vietnam.

AB InBev is gambling an Asia IPO might also help boost its revenues from China. Its sales in China grew 8.3 percent in 2018. Its Budweiser and Corona brands are among the brand leaders in China. China is the world's largest beer market.

Budweiser-maker InBev had planned to list in Hong Kong earlier this year but pulled out citing a lack of support
Budweiser-maker InBev had planned to list in Hong Kong earlier this year but pulled out citing a lack of support GETTY IMAGES NORTH AMERICA / JOE RAEDLE