* Budweiser APAC prices Hong Kong IPO at HK$27 per share
* Shares were marketed in indicative range of HK$27-HK$30
* IPO more attractive now than July's canceled one - source (Changes sourcing to AB InBev, adds Topsports Hong Kong IPO launch)
HONG KONG, Sept 24 (Reuters) - AB InBev said it has raised about $5 billion in a Hong Kong IPO of the brewer's Asia-Pacific unit after pricing it at the bottom of a marketed range, as investors backed a deal seen as offering value despite the city being hit by protests.
The IPO of the unit of Anheuser-Busch InBev NV (AB InBev), the world's largest brewer, is the second-biggest globally so far this year, trailing only the $8.1 billion flotation of Uber Technologies Inc in May, data from Refinitiv showed.
AB InBev had canceled a plan for a bigger initial public offering (IPO) in July that could have raised as much as $9.8 billion, citing "several factors, including the prevailing market conditions."
Separately, Topsports International Holdings, the sportswear business of Chinese footwear retailer Belle International, launched on Tuesday a Hong Kong IPO of up to $1.2 billion, as per a marketing term sheet seen by Reuters.
The AB InBev and Topsports offerings are among a handful of recent sizeable IPOs seen as tests of investor sentiment following anti-government protests that have roiled Hong Kong for nearly four months and weighed on its stock market.
Markets more generally are also on edge amid a trade dispute between the United States and China, as well as slowing global growth.
AB InBev said in a statement on Tuesday the IPO of Budweiser Brewing Company APAC Ltd was priced at HK$ 27 ($3.44) per share, the bottom end of the HK$27 to HK$30 indicative range, confirming what sources had earlier told Reuters.
The IPO included a rare "upsize" option that enabled the Belgium-based brewer to sell up to 36.8% more shares in the offering. That option was partially exercised, it said.
AB InBev's revived IPO excludes its Australian operations, which it agreed to sell to Japan's Asahi Group for $11 billion shortly after the previous IPO was shelved.
Without Australia, a large but mature market, AB InBev's Asia-Pacific operations would be more focused on faster growth markets such as China, India and Vietnam, which has made the IPO an easier sell, sources have said.
"The company has top-notch assets and without the slow-growing Australian operations, the deal has become more attractive than last time," said one source with knowledge of the Budweiser IPO.
"And today's low end pricing would give the stock more upside potential in the public market."
The IPO pricing comes as Hong Kong leader Carrie Lam said on Tuesday that she hoped peaceful and rational dialog will help find a way out of the protests gripping the former British colony.
At HK$27 per share, Budweiser will have a market value of $45.6 billion.
($1 = 7.8380 Hong Kong dollars)
(Reporting by Julie Zhu; Writing by Sumeet Chatterjee; Editing by Christopher Cushing and Muralikumar Anantharaman)