Americana Restaurants International Plc — the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa and Kazakhstan — announced that it increased the UAE retail offer for its initial public offering, from 5 per cent to 10 per cent of the total offering.
This move effectively makes the UAE retail offer equal to that of the Kingdom of Saudi Arabia.
The KSA retail offer remains unchanged at 10 per cent of the total offering, whilst the institutional offer will reduce from 85 per cent to 80 per cent of the total IPO.
The adjustment to the IPO structure has been made after obtaining the necessary regulatory approvals from the Securities & Commodities Authority (SCA) in the UAE, as well as the Capital Market Authority (CMA) in Saudi Arabia.
The subscription periods will remain unchanged and will continue until November 21, 2022, for individuals and other investors in both countries, and until November 22, 2022, for qualified institutional investors in a number of countries (including the UAE and Saudi Arabia). The IPO will be conducted through a concurrent dual listing process on the Abu Dhabi Securities Exchange (ADX) and the Saudi Stock Exchange.
Adeptio AD Investments Ltd — the selling shareholder — expects to sell 2,527,089,930 existing ordinary shares in the offering, each with a nominal value of Dh0.073 (0.075 SAR), representing 30 per cent of the company’s issued share capital.
As such, the UAE retail offer will now be for 252,708,993 ordinary shares, the KSA retail offer will be for 252,708,993 ordinary shares, and the institutional offer will now be for 2,021,671,944 ordinary shares.
The offer price range has been set between Dh2.50 (2.55 SAR) to Dh2.62 (2.68 SAR) per offer share, implying an equity value of $5.73 billion - $6.01 billion for Americana Restaurants. The final offer price is expected to be announced on November 23, 2022.
The completion of the IPO and the admission of the offer shares for listing and trading on ADX and the Saudi Exchange is currently expected to take place on or around December 6 this year, subject to market conditions and obtaining relevant regulatory approvals in the UAE and Saudi Arabia, including approval of admission.
All documents related to this transaction are available at www.americanarestaurants.com/ipo/.
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According to a recent government directive, retailers are not allowed to hike rates of 9 basic food items
The final offer price is expected to be announced on November 23, 2022
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