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Americana Restaurants International announced issuing the prospectus for its concurrent dual initial public offering (IPO) in Saudi Arabia and the United Arab Emirates (UAE).
The Capital Market Authority (CMA) recently 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, according to Argaam.
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:
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Total number of shares offered to each investors’ 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 |
Retail investors’ subscription period will begin in Saudi Arabia and the UAE, simultaneously, from Nov. 14 to Nov. 21. Book-building process, which will also begin on Nov. 14, will end on Nov. 22.
The IPO price range will be announced on Nov. 14.
The company’s core activity is the management of restaurants, proprietary investments and activities of the head office.
|
Company Profile |
|
|
Company |
Americana Restaurants International Plc Co. |
|
Market |
Dual listing |
|
Core Activities |
Restaurants Management |
|
Capital |
SAR 631.77 mln (or AED 618.72 mln) |
|
Number of Shares |
8.42363 bln |
|
Nominal Value per Share |
SAR 0.075 |
|
Offering Details |
|
|
Issue Percentage |
30% |
|
Offered Shares |
2.5271 bln |
|
Percentage of Offered Shares for Saudi retail investors |
10% of total IPO shares |
|
Number of Offered Shares for Saudi retail investors |
252.71 mln |
|
Qualified Subscribers |
- Saudi retail investors - Qualified institutional investors |
|
IPO Minimum Limit for Retail Investors |
1,000 shares |
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Minimum Size for Institutional Investors |
5 mln shares |
|
IPO Maximum Size for Retail Investors |
Less than 5% of the company’s total issued shares |
|
Maximum Size for Institutional Investors |
Less than 5% of the company’s total issued shares |
|
Announcing IPO price range |
Nov. 14, 2022 |
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Institutional Investors’ Subscription Period and Book-building Process |
From Nov. 14, 2022 until Nov. 22, 2022 (9 days) |
|
Retail Subscription Period |
From Nov. 14, 2022 until Nov. 21, 2022 (8 days) |
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Final Allocation |
Nov. 23, 2022 |
|
Surplus Refunds (if any) |
Dec. 5, 2022 |
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Other Details |
|
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Financial Advisors and Joint Global Coordinators |
SNB Capital, FAB Capital, Goldman Sachs and Morgan Stanley |
|
Lead Manager in Saudi Arabia |
SNB Capital |
|
Institutional Lead Managers and Underwriter in Saudi Arabia |
SNB Capital, FAB Capital, Goldman Sachs, Morgan Stanley, EFG Hermes and HSBC Saudi Arabia |
|
Receiving Banks |
SNB, Al Rajhi Bank, Riyad Bank, Alinma Bank and Arab National Bank |
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Company Shareholders |
||||
|
Shareholders |
Before IPO |
Post-IPO |
||
|
Number of Shares (mln shares) |
Ownership% |
Number of Shares (mln shares) |
Ownership% |
|
|
Adeptio AD Investments Ltd. |
8,089.47 |
96.03 % |
5,592.38 |
66.03 % |
|
Minority interest |
334.16 |
3.97 % |
334.16 |
3.97 % |
|
Public |
-- |
-- |
2,527.09 |
30.00 % |
|
Total |
8,423.63 |
100 % |
8,423.63 |
100 % |
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