Morgan Stanley, along with JPMorgan, was joint sponsor of AB InBev’s now-scrapped listing of its Asia unit, which was intended to raise $9.8 billion. The cancellation of the IPO takes the shine off its local league-table pre-eminence: AlecMac11
Morgan Stanley’s Asian crown just got a Budweiser-shaped dent. Along with JPMorgan, the U.S. bank was joint sponsor of AB InBev’s now-scrapped listing of its Asia unit, which was intended to raise $9.8 billion. The setback takes the shine off its local league-table pre-eminence.
That left bankers selling a bumper offer in jittery markets at a non-bargain price. Weeks of pre-marketing should have provided executives and bankers with a gauge of where demand would fall. That suggests they either misread the market or decided not to listen. Pressing ahead without cornerstone investors made things tougher.
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