Americana Restaurants International Plc, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa and Kazakhstan, has announced investor allocations and the revised timetable for its initial public offering — the historic, first-of-its-kind concurrent dual listing on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange.
As announced on Nov. 24, the final price for the shares to be sold in the offering has been set at 2.62 dirhams ($0.70) per share in the UAE and SR2.68 ($0.71) per share in Saudi Arabia.
The concurrent book building process generated orders of approximately $105 billion in aggregate from qualified institutional investors as well as individuals and other investors in a number of countries, including the UAE and Saudi Arabia. The UAE retail offer and the KSA retail offer were oversubscribed by approximately 48.2 times and 2.8 times, respectively, and the institutional offer was oversubscribed 65.5 times, resulting in an aggregate oversubscription level of 58 times. A total of 283,245 retail subscribers are participating in the offering in Saudi Arabia.
Following the conclusion of the concurrent book building process, 80 percent of the offering (2,021,671,944 ordinary shares) has been allocated to the institutional offer; 10 percent to the UAE retail offer (252,708,993 ordinary shares), and 10 percent to the KSA retail offer (252,708,993 ordinary shares). Americana Restaurants allocated a minimum of 1,000 offer shares to each subscriber in the UAE retail offer and a minimum of 892 offer shares to each subscriber in the KSA retail offer.
The IPO will be concluded through a dual listing process on ADX and the Saudi Exchange, with admission of the offer shares to listing and trading now expected to be on Dec. 12, subject to receiving all required regulatory approvals.
Mohamed Ali Rashed Alabbar, chairman of Americana Restaurants, said: “This is a proud day for all at Americana Restaurants, a testament to the immense value that has been created by the business since inception and, more recently, through its transformation journey. For the offering to be priced at the top of the range is a clear demonstration of the opportunity that we present to investors, and that was further proven by aggregate oversubscription of approximately 58 times.
“We are looking forward to the next step of our growth journey and working toward future value creation. We are equally proud to have taken the final step toward 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.”