Budweiser owner is preparing its Asia business for the year’s biggest IPO

Anheuser-Busch InBev is hoping to raise as much as $9.8 billion when it lists its Asia business in Hong Kong in what could be the biggest IPO of the year.

Budweiser Brewing Company APAC, the largest brewer in Asia by retail sales, plans to offer 1.63 billion shares for between 40 and 47 Hong Kong dollars ($5.13 to $6.02), according to a document setting out the terms of the IPO that was shared with CNN Business.

That would raise between $8.3 billion and $9.8 billion for the brewer of Budweiser, Corona and Stella Artois, which could use the funds to reduce its massive debt load.

The biggest IPO of the year so far, by Uber, raised $8.1 billion.

Institutional investors could submit orders starting on Tuesday, according to the IPO document. The IPO will be opened to retail investors on July 8, and the stock will list on the Hong Kong Stock Exchange on July 19.

Budweiser APAC plans to sell 95% of the shares to international institutional investors. Only 5% will be set aside for retail investors, unless underwriters choose to release additional shares.

JPMorgan and Morgan Stanley are joint sponsors on the deal, while Bank of America Merrill Lynch and Deutsche Bank are acting as joint global coordinators.

Anheuser-Busch InBev declined to comment.