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AB InBev's Asian arm rises 4% in HK trading debut

Budweiser Brewing Company APAC Ltd.'s stock rose as much as 4.07% to HK$28.01 from its offer price of HK$27 when it started trading in Hong Kong Sept. 30.

The Asia-Pacific arm of Anheuser-Busch InBev SA is offering 1,262,350,000 shares, or 9.53% of its outstanding stock, at the bottom end of its price range of HK$27 to HK$30.

The stock opened at HK$27.40.

AB InBev is looking to raise HK$39.2 billion from the IPO, about half of its initial target of HK$76.45 billion when it first filed for the listing in July. The brewer called off the plan over a week later, citing prevailing market conditions.

The company intends to use the net proceeds from the IPO to reduce its debt.