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Budweiser Asia Pacific, a subsidiary of international brewer Anheuser-Busch InBev, withdrew from their initial public offering on the Hong Kong market at the last minute.

The IPO, supposedly set to debut on July 19, was retracted before it even took off. Anheuser-Busch InBev said on July 13 that the move was made after considering a multitude of factors, including the current market situation.

They said that they would closely monitor market conditions while evaluating options in order to optimize the business in the long run.

It was reported that Budweiser APAC failed to price its IPO. Shares were expected to be offered from HK$40 to $47.

With reference to the IPO cap, Budweiser APAC could have raised up to HK$76.6 billion (US$9.8 billion) and become the largest IPO in the city this year.

The company was expecting to sell its shares at HK$47 each but market sentiment drifted below HK$40, which directors felt was a big discount. And with the high price, many institutions began canceling orders.

The cancellation may affect the Hong Kong Stock Exchange as the big IPO could have helped attract other international companies to list in Hong Kong despite continuing trade tensions between the US and China.

Hong Kong’s stock exchange is no stranger to IPO being suspended.

Xinyi Energy did the same last year, as did Wanzhou International in 2014 and Gaoxin Retail in 2011. However, all these offerings re-listed within six months of initial offerings being put off.

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