Logo of Americana Restaurants
Americana Restaurants International Plc (Americana Restaurants) announced the allocation of shares to investors and the updated schedule for its initial public offering (IPO), which is the first concurrent dual listing on the Abu Dhabi Stock Exchange (ADX) and the Saudi Exchange (Tadawul).
The company said, in a statement received by Argaam, that it allocated no less than 1,000 shares for each subscriber in the UAE’s retail investor tranche, and no less than 892 shares in Saudi Arabia’s retail investor tranche.
In addition, the remaining shares were allocated pro rata to the retail tranche in the UAE, while they were allocated at a rate of 0.01% to the retail tranche in Saudi Arabia.
The statement indicated that the shares were allocated to the eligible institutions in consultation with financial advisors and international coordinators.
Americana said the book-building process attracted orders worth nearly $105 billion, equivalent to AED 386 billion/SAR 394 billion from qualified institutional investors in the two countries, including the UAE and Saudi Arabia (qualified institutional tranche), individuals and other investors in the UAE and Saudi Arabia (retail investor tranches in the UAE and Saudi Arabia, respectively).
Orders from retail investor tranche in the UAE and Saudi Arabia exceeded 48.2x and approximately 2.8x, respectively, while orders for qualified institutional investors exceeded 65.5x, which means they were above 58x.
The IPO was subscribed to by 283,245 retail investors in Saudi Arabia.
According to the updated schedule, Americana Restaurants will return the excess IPO amounts to retail investors in the UAE by Nov. 30, and in Saudi Arabia before Dec. 8.
The IPO will be completed through the dual listing on ADX and Tadawul.
It is expected that the offering shares will be listed and the trading process will start on Dec. 12, taking into account obtaining all the required regulatory approvals.
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IPO in Details |
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Offered Shares |
2.5271 bln |
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No. of Offered Shares for Saudi retail investors |
252.71 mln |
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No. of Offered Shares for the UAE’s retail investors |
252.71 mln |
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Qualified Institutional Investors |
202.17 mln |
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IPO Price |
SAR 2.68/ share – AED 2.62/ share |
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Total No. of Orders |
$105 bln (AED 386 bln/SAR 394 bln) - 58x |
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No. of Orders from Saudi Retail Investors |
2.8x |
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No. of Orders from the UAE’s Retail Investors |
48.2x |
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No. of Orders from Qualified Institutional Investors |
65.5x |
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No. of Saudi Subscribers in IPO |
283,250 |
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No. of shares allocated to Saudi Retail Investors |
892 |
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No. of shares allocated to UAE’s Retail Investors |
1000 |
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Remaining Shares |
Pro rata to the UAE’s retail tranche, but allocated at 0.01% to Saudi retail tranche |
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