Hong Kong — The Asia-Pacific beer unit of AB InBev gained as much as 7% in its Hong Kong trading debut, a positive for the lacklustre global market in initial public offerings and vindication for the beer maker in its second attempt at an Asian listing.

Budweiser Brewing Company Apac raised $5bn selling shares at the bottom of a price range last week, in the world’s second-biggest IPO this year behind Uber Technologies. That gave the Asian unit an enterprise value of $45bn, helping the parent company reduce its enormous debt load and laying the groundwork for possible future acquisitions.

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