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Americana Restaurants prices IPO between Dh2.5 and Dh2.62 per share
The final offer price is expected to be announced on November 23, 2022
Image used for illustrative purposes only (Photo: AFP)
Americana Restaurants on Monday announced the price of its initial public offering (IPO), setting between Dh2.50 and Dh2.62 per share.
This implies the food and beverage giant’s equity value is between Dh21.06 billion and Dh22.07 billion.
The final offer price is expected to be announced on November 23, 2022.
The offering subscription period is expected to run from November 14 until November 21 for retail investors and from November 14 until November 22 for institutional investors.
The company, which operates global F&B brands such as KFC and Pizza Hut, had earlier announced plans for dual listing on the Abu Dhabi Securities Exchange and Saudi Exchange. It expects trading to start on the stock markets on December 6, 2022.
The company expects to sell 2.527 billion shares, representing 30 per cent of its issued share capital.
It is intended that five per cent of the total offering will be allocated to UAE retail investors, up to 10 per cent will be allocated to the Saudi retail investors and 85 per cent will be allocated to the institutional investors.
The F&B giant will take a call on increasing or decreasing the size of the offer at any time prior to the end of the subscription period. However, it will not increase the size of the UAE retail offer above 10 per cent of the total offer shares or reduce the size of the institutional offer to less than 80 per cent of the total offer shares.
First Abu Dhabi Bank, Goldman Sachs International, Morgan Stanley & Co. International, and SNB Capital have been appointed as joint global coordinators and financial advisors. HSBC Bank Middle East Limited and EFG Hermes UAE Limited have been appointed as joint book-runners and underwriters. Rothschild & Co Middle East has been appointed as an independent financial advisor.
In the UAE, First Abu Dhabi Bank has been appointed as the lead receiving bank and Abu Dhabi Islamic Bank and Al Maryah Community Bank as receiving banks.
waheedabbas@khaleejtimes.com
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