Dubai: Each UAE retail investor who subscribed to the Americana Restaurants IPO got 1,000 shares, while their Saudi counterparts got 892 shares each. UAE and Saudi retail investors were each allocated 10% each in the IPO. (Americana had increased the percentage for UAE retail investors to 10% from 5% at the time of the IPO announcement.)
This prepares Americana for listing on ADX and Saudi Tadawul on December 12, and caps off what has been an exceptionally strong year for both. “We look forward to the next step in our growth journey and are working to create future value,” said Mohamed Ali Rashed Alabbar, President of Americana Restaurants.
“We are also proud to have taken the final step towards a first-ever simultaneous dual listing on ADX and the Saudi Stock Exchange, further enhancing the depth and maturity of the UAE and Saudi capital markets. We look forward to welcoming our new shareholders in December.
In the United Arab Emirates, the offer price was 2.62 Dhs per share and in Saudi Arabia 2.68 SR. Institutional investors scooped up 80% of supply in what is the Middle East’s largest restaurant operator, with franchises for Pizza Hut, Krispy Kreme and KFC, among others.