Americana revises timetable for concurrent dual listing on ADX, Saudi Exchange

Abu Dhabi, UAE — Americana Restaurants International announced investor allocations and the revised timetable for its Initial Public Offering (IPO) – the first-of-its-kind concurrent dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange. 

The final price for the shares to be sold in the IPO has been set at AED 2.62 ($0.71)  per share in the UAE and SAR 2.68 ($71) per share in Saudi Arabia.

The concurrent bookbuilding process generated orders of approximately US$105 billion (equivalent to AED 386 billion  and SAR 394 billion) in aggregate from qualified institutional investors in a number of countries, including the UAE and Saudi Arabia,, individuals and other investors in the UAE and Saudi Arabia. 

The UAE Retail Offer and the KSA Retail Offer were oversubscribed by approximately 48.2x and 2.8x respectively, and the institutional offer was oversubscribed 65.5x, resulting in an aggregate oversubscription level of 58x. A total of 283,245 retail subscribers are participating in the IPO in Saudi Arabia.

About 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 shares to each subscriber in the UAE Retail Offer and a minimum of 892 shares to each subscriber in the KSA Retail Offer. 

The remaining Retail Offer Shares were allocated on a pro-rata basis for the UAE Retail Offer and based on an allocation factor of 0.01 percent for the KSA Retail Offer. Allocations for the Institutional Offer have been made in consultation with the financial advisors and the Joint Global Coordinators.

According to the updated Offering timetable, surplus subscription amounts, if any, will be refunded to retail investors in the UAE on November 30 and to retail investors in Saudi Arabia prior to  December 8. 

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  December 12, subject to receiving of all required regulatory approvals.

“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 58x,” .Mohamed Ali Rashed Alabbar, Chairman of Americana Restaurants.

“We are looking forward to the next step of our growth journey and working towards future value creation.”