Abu Dhabi, UAE—Â Americana Restaurants, the largest quick-service restaurant operator in the Middle East and Africa region, has doubled the size of its UAE retail offer in its IPO from five to 10 percent to make it equal to the Saudi retail offer.
The kingdoms retail tranche remains unchanged at 10 percent, but the institutional offer has been reduced from 85 percent to 80 percent, Americana said in a statement on Friday.
The company plans to sell a 30 percent stake in the IPO remains unchanged. It will list both on ADX and Saudi Arabia’s Tadawaul likely on or around Dec.6.
The company is selling more than 2.52 billion of its existing shares in the IPO, which expected to run until 21 Nov. for retail investors in the UAE and Saudi Arabia and until 22 Nov. for institutional investors.
The price range was set at AED 2.50 and 2.55 Saudi riyals ($0.68) to AED2.62 and 2.68 Saudi riyals ($0.71) per share, implying an equity value for the group of $5.73 billion to $6.01 billion. The final offer price is expected to be announced on 23 Nov. 2022.
Operating in 12 countries with brands such as Pizza Hut and KFC, Americana Restaurants was previously operated by Kuwait Food Company (Americana), under the wider Americana umbrella, which included both restaurant and food businesses. The IPO is for the restaurant business only.