RPT-Goldman banker highlights Morgan Stanley's Hong Kong IPO woes

A senior Goldman Sachs banker has highlighted to colleagues the role played by rival Morgan Stanley in failed Hong Kong IPOs following the collapse on Friday of Budweiser APAC’s $9.8 billion initial public offering, according to an internal email.

On Friday AB InBev called off the Hong Kong listing of its Asia Pacific brewing business, that was being managed by Morgan Stanley and JPMorgan, citing several factors, including prevailing market conditions. A further 11 banks were listed as global coordinators and bookrunners but Goldman had no role on the deal.

In the internal email sent as the deal was faltering on Friday, the Goldman banker told colleagues they needed to call clients “as soon as possible” to reassure them that a collapsed deal did not mean markets were closed.

“MS is the only bank to have played a lead role on the two largest postponed HK IPOs in past decade,” said the email, sent to investment bankers in Asia-Pacific excluding Japan. “GS has successfully led 26 jumbo Hong Kong IPOs above US$1bn as Sponsor since 2010, more than any other bank on the Street (MS 19, JPM 15),” the email said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.