Americana Restaurants reveals IPO date in first dual listing on Abu Dhabi and Saudi Arabia markets

RIYADH: The restaurant group that runs KFC, Pizza Hut, Krispy Kreme and others across the Middle East has announced share allocation to investors as well as the scheduled date for its initial public offering in Abu Dhabi and Saudi Arabia, according to a statement.

Americana Restaurants’ IPO poses the first simultaneous dual listing process on the Abu Dhabi Stock Exchange and the Saudi Stock Exchange, also known as Tadawul.

Taking into consideration obtaining all the required regulatory approvals, the IPO’s listing and trading process is set to commence on Dec. 12.

As of Nov. 24, the firm disclosed that the final share price to be offered for subscription stands at 2.62 dirhams ($0.71) per share in the UAE and SR2.68 ($0.71) per share in the Kingdom respectively.

Subscription requests hit $105 billion garnered from several qualified and eligible institutional investors across diverse countries including both the UAE and Saudi Arabia.

Apart from that, other investors belonged to what is known as an “individual segment” in both the UAE and the Kingdom respectively.

Subscription requests for individuals in the UAE and Saudi Arabia exceeded 48.2 times and 2.8 times, respectively. On the other hand, subscription requests for qualified institutions exceeded 65.5 times.

A total of 283,245 individual investors in Saudi Arabia subscribed to the IPO. 

“We are looking forward to the next step of our growth journey and working towards future value creation. We are equally proud to have taken the final step towards a historic first-ever concurrent dual listing on ADX and the Saudi Exchange – further enhancing the depth and maturity of the UAE and Saudi capital markets. We look forward to welcoming our new shareholders in December,” said Chairman of Americana Restaurants Mohamed Ali Rashed Alabbar in a statement.

While 80 percent of the normal shares were allocated to a qualified institutional tranche, 10 percent were allocated to individual tranches in the UAE, and 10 percent were allocated to the individual tranche in the Kingdom.

In addition to this, the food and beverages firm also allocated over 1,000 shares for each subscriber in the retail segment in the UAE and more than 892 shares for each subscriber in the retail segment in Saudi Arabia.

The remaining shares were allocated on a pro-rata basis to the retail tranche in the UAE and an allocation percentage of 0.01 percent to the retail tranche in the Kingdom.

The shares have been allocated to the tranche of eligible constitutions in consultation with financial advisors as well as international coordinators.

 As per the updated schedule, any surplus subscription amounts are set to be returned to retail investors in the UAE on Nov. 30 and prior to Dec. 8 for those in the Kingdom.