Friday 9 December 2022
 
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Americana doubles UAE retail offer shares in debut IPO

DUBAI, 20 days ago

Americana Restaurants International has announced that it has increased the UAE Retail Offer for its initial public offering (IPO), from 5% to 10% of the total offering so that it becomes equal to the size of the KSA Retail Offer.
 
The KSA Retail Offer remains unchanged at 10% of the total offering, however the institutional offer has got reduced from 85% to 80% of the total offering. 
 
The adjustment to the offering structure has been made after obtaining the necessary regulatory approvals from the Securities & Commodities Authority (SCA) in the UAE and Capital Market Authority (CMA) in Saudi Arabia.
 
The subscription periods will remain unchanged and will continue until November 21 for individuals and other investors in the UAE and Saudi Arabia (the UAE retail offer and the KSA retail offer); and until November 22 for the offering to qualified institutional investors in a number of countries, including UAE and Saudi Arabia. 
 
The offering will be conducted through a concurrent dual listing process on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange.
 
Adeptio AD Investments, the selling shareholder, expects to sell 2,527,089,930 existing ordinary shares in the offering, each with a nominal value of AED0.073 (equivalent to SR0.075), representing 30% 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 AED2.50/SR2.55 to AED2.62/SR2.68 per offer 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 November 23.
 
The completion of the offering and admission of the offer shares to listing and trading on ADX and Saudi Exchange is currently expected to take place on or around December 6 subject to market conditions and obtaining relevant regulatory approvals in the UAE and Saudi Arabia, including approval of admission.-TradeArabia News Service



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