The case narrates the IPO journey of Budweiser APAC (Budweiser APAC), the Asia-Pacific subsidiary of Anheuser-Busch InBev (AB InBev). During its time in Asia, megabrewer AB InBev not only engaged in many mergers and acquisitions but also witnessed first-hand the development of an up-and-coming market. This allowed Budweiser APAC to become a leader in the Chinese and South Korean markets and develop plans to significantly expand its market share in Southeast Asia. Nevertheless, challenges such as the overall sluggish beer industry and fierce competition for talent slowed Budweiser APAC’s business. In 2019, the brewer behemoth suspended plans to list on the Hong Kong Stock Exchange. Shortly thereafter, the company offloaded its Australian Subsidiary Carlton & United Breweries (CUB) and then successfully listed Budweiser APAC in Hong Kong.

Instead of providing the entire IPO story at once, the case intentionally splits this content into two parts. Case A focuses on Budweiser APAC’s initial failed IPO attempt and asks students to put themselves in the shoes of Jan Craps, AB InBev’s Zone President Asia Pacific and CEO & Executive Director of Budweiser APAC. Initially, the class discussion should focus on the global beer industry, the competitive landscape in different geographic regions, and Budweiser APAC’s major competitors. Subsequently, students should discuss which of the proposed alternatives to the failed IPO listing best serves the needs of both AB InBev and Budweiser APAC.

Case B follows Case A and discusses which alternative was actually chosen: AB InBev successfully listed Budweiser APAC on the Hong Kong Stock Exchange after selling its Australian subsidiary to Japan’s Asahi Group. This divesture facilitated Budweiser APAC’s second IPO attempt not only by making it clear to investors that the company will focus on growth markets such as China, India, and Vietnam, but also by making the listing more attractive to investors who seek exposure to emerging markets.