Americana Restaurants sets final offer price at AED 2.62/share in UAE, SAR 2.68/share in Saudi Arabia

Logo of Americana Restaurants International Plc

Americana Restaurants International Plc successfully completed the book-building process and set the final offer price at AED 2.62 per share in the UAE and SAR 2.68 per share in Saudi Arabia, the top of range in both countries.

On Nov. 14, Americana Restaurants set the offer price range between AED 2.50/SAR 2.55 to AED 2.62/SAR 2.68 per share, implying an equity value for the Group of $5.73 billion to $6.01 billion, equivalent to AED 21.06 billion to AED 22.07 billion or SAR 21.48 billion to SAR 22.58 billion (USD = 3.75 Saudi riyals or 3.67 UAE dirham).

Based on the final offer price, the total offer size will stand at $1.80 billion (equal to AED 6.62 billion or SAR 6.77 billion).

In a statement by the company, Americana said the book-building process attracted orders worth nearly 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). The book-building process was nearly 58x covered.

Due to the latest unexpected holiday in Saudi Arabia, which was announced on Nov. 22, the company expects to provide more details about the IPO timeline, including shares allocation, on or by Nov. 28.

The retail subscription to Americana Restaurants shares in Saudi Arabia and the UAE started from Nov. 14-21. The offering period for the institutional tranche, which also began on Nov. 14, will end on Nov. 22.

Americana offered 2021.7 million shares, or 80% of the total offer shares to institutional investors in Saudi Arabia and the UAE. It also floated 252.7 million shares for retail investors in Saudi Arabia and the UAE each, at 10% of the offer size.

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