- Americana Restaurants International Plc completes historic concurrent dual listing on ADX and the Saudi Exchange, a first for the region
- Raising gross proceeds of $1.80 billion, the Offering saw strong demand from institutional and retail investors, with aggregate oversubscription of 58x
- The concurrent bookbuilding process generated orders of $105 billion (equivalent to AED 386 billion or SAR 394 billion)
- Based on the Final Offer Price of AED 2.62 per share in the UAE and SAR 2.68 per share in Saudi Arabia, the Company’s market capitalization at listing is $6.01 billion, equivalent to AED 22.07 billion or SAR 22.58 billion
Abu Dhabi and Riyadh-: Americana Restaurants International Plc (“Americana Restaurants” or the “Company”), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, announces the successful conclusion of the historic, first-ever concurrent dual listing on the Abu Dhabi Securities Exchange (“ADX”) and the Saudi Stock Exchange (the “Saudi Exchange”). Americana Restaurants is traded under the ticker symbol ‘AMR’ on ADX and ‘Americana’ on the Saudi Exchange.
In its historic Initial Public Offering (“IPO” or the “Offering”), Americana Restaurants raised $1.80 billion in gross proceeds, equivalent to AED 6.62 billion or SAR 6.77 billion, offering 30% of the Company’s total issued share capital. Priced at the top of the Offer Price Range (AED 2.62 per share in the UAE and SAR 2.68 per share in Saudi Arabia), the Offering drew significant demand from institutional and retail investors, generating total orders of $105 billion (equivalent to AED 386 billion or SAR 394 billion) and was 58x oversubscribed. Based on the Final Offer Price, Americana Restaurants has a market capitalization of $6.01 billion (equivalent to AED 22.07 billion or SAR 22.58 billion) at the time of listing.
Americana Restaurants is the largest out-of-home dining and quick service restaurant operator in its 12 countries of operation across MENA and Kazakhstan. As the leading restaurant platform in the region, the Company provides a large and growing addressable population of over 270 million with access to an extensive network of global and iconic restaurant brands, including KFC, Pizza Hut, Hardee’s, Krispy Kreme, TGI Friday’s, Costa Coffee, Peet’s Coffee and Baskin Robbins.
Mr. Mohamed Ali Rashed Alabbar, Chairman of Americana Restaurants, rang the market opening bell at today’s official dual listing ceremony at ADX, accompanied by His Excellency Hisham Khalid Malak, Chairman of ADX; and Mr. Raid Abdullah Ismail, Board Member, Americana Restaurants, rang the market opening bell at the Saudi Exchange, accompanied by Mohammed Al Rumaih, CEO of Saudi Exchange, along with other Board members, senior executives and officials from the UAE and Saudi Arabia.
H.E. Hisham Khalid Malak, Chairman of ADX, commented: “ADX continues to foster collaboration across the region and is proud to play an increasingly central and pivotal role in the regional capital market landscape. The dual listing of Americana Restaurants on ADX and Saudi Exchange is another great step in this direction and is a prime example of how Abu Dhabi continues to enhance its status as a premier investment destination and home to both international and institutional capital. In support of Abu Dhabi’s sustainable growth and diversification strategy, we continue to attract top tier issuers to our market, expand our offering and enhance the diversification of our growing and dynamic capital market ecosystem.”
Speaking at the dual listing ceremony, Mr. Mohamed Ali Rashed Alabbar, Chairman of Americana Restaurants, said:
“The concurrent dual listing of Americana Restaurants on ADX and the Saudi Exchange marks a first-of-its-kind transaction. The successful conclusion of our IPO is the culmination of Americana Restaurants’ transformational journey, as well as a remarkable milestone for the growth and depth of the region’s financial markets. The extraordinary demand we drew from a geographically diverse investor base clearly demonstrates our new shareholders’ confidence in our business, our extraordinary team, and our ability to deliver attractive long-term returns.
We welcome our new shareholders and look to the next chapter of growth. Americana Restaurants will continue to provide investors exposure to a unique value proposition in a large and relatively underpenetrated sector, with significant potential for further expansion.”
Mohammed Al Rumaih, CEO of Saudi Exchange, said, “We congratulate Americana Restaurants on its successful dual listing on the Saudi Exchange and ADX. Over the last few years, the Saudi Exchange has implemented a range of initiatives to enhance the infrastructure of the Saudi capital market. The dual listing of Americana Restaurants is the first of its kind to take place on the Saudi Exchange, paving the way for other non-Saudi issuers to offer their shares and list on the Saudi Exchange, contributing to further diversification and broadening of the opportunities available in the Saudi capital market.”
Adeptio AD Investments Ltd. (the “Selling Shareholder“), a special-purpose vehicle owned indirectly by the Public Investment Fund and Mr. Mohamed Ali Rashed Alabbar, sold 2,527,089,930 existing ordinary shares in the Offering (the “Offer Shares”), representing 30% of the Company’s issued share capital. The net proceeds of the Offering are received by the Selling Shareholder. Immediately following listing, Americana Restaurants will have a free float of 33.97% of its issued share capital.
It should be noted that the Daily Price Fluctuation Limit of ±30%, which normally applies to newly listed companies on the Saudi Exchange, will not apply to Americana Restaurants’ shares during the first three trading days, in alignment with the applicable rules of ADX. Shares traded in both Saudi Exchange and ADX will not have any trading limits in the first three days. However, after the first three trading days, the shares listed on the Saudi Exchange and on ADX will be subject to the normal fluctuation limits that apply to all shares traded on the two exchanges.