Americana Restaurants International announced the price range for its potential initial public offering (IPO) in Saudi Arabia and the United Arab Emirates (UAE) at SAR 2.55-2.68 per share, or AED 2.50-2.62 per share.
The announcement on Tadawul came from SNB Capital in its capacity as the lead manager, financial advisor, global coordinator, bookrunner and underwriter, along with Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia, and FAB Capital JSC in their capacity as financial advisors, bookrunners, global coordinators and underwriters on the potential offering.
Bidding and book-building period for participating entities starts today, Nov. 14, and ends on Nov. 22 at 11:00 am (KSA time).
The subscription period for individual investors also starts today and will end on Nov. 21 at 12:00 noon (KSA time).
Individual subscribers must subscribe at the higher end of the price range, which is SAR 2.68 per share (AED 2.62 per share), the statement noted.
The participation in the book-building process is confined to the participating entities, in accordance with the instructions for book building process and allocation method in initial public offerings issued by the Capital Market Authority (CMA).
The final price per offer share will be determined after the completion of the book-building process and consultation between financial advisors, selling shareholder and the company, the statement said, noting that the offer price in the UAE will be in AED and the offer price in Saudi Arabia will be in SAR based on the offer price range.
On Oct. 31, the CMA approved the company’s request for a concurrent dual listing on the Saudi and UAE markets by floating 2.527 billion shares, or 30% of its share capital, Argaam earlier reported.
The company plans to offer 2.5271 billion shares, of which 252.71 million were allocated to Saudi retail investors.
The following table illustrates the total number of shares offered to each investors’ category:
|
Shares offered to each investor category |
|
|
Qualified institutional investors |
2.148 billion shares, representing 85% of the total IPO shares and include the participating entities in Saudi Arabia and the UAE |
|
Saudi retail investors |
252.71 million shares, representing 10% of the total IPO shares |
|
UAE retail investors |
126.35 million shares, representing 5% of the total IPO shares |
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