Mubasher: Americana Restaurants International set the price range of its initial public offering (IPO) on the Saudi Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX) at SAR 2.55–2.68 per share (AED 2.50–2.62).
This would imply a market cap between $5.73 billion and $6.01 billion, equivalent to AED 21.06 billion and AED 22.07 billion or SAR 21.48 billion and SAR 22.58 billion), according to a bourse filing.
Meanwhile, the final IPO price is expected to be announced on 23 November 2022, while the admission of shares for trading on both stock markets will likely take place on 6 December this year upon required approvals.
Americana Restaurants plans to allocate 5% of the total offering to the UAE’s retail offer, while up to 10% will be allocated to Saudi Arabia’s retail offer. Accordingly, 85% of the offering will be directed to the institutional tranche.
Adeptio Investments AD, the selling shareholder, intends to offer 2.52 billion existing ordinary shares of Americana Restaurants that represent 30% of the total issued share capital) at a nominal value of AED 0.073 or SAR 0.075 per share.
In case all the offer shares are sold, the total offering size will reach between $1.72 billion and $1.80 billion. This is equivalent to AED 6.32 billion and AED 6.62 billion or SAR 6.44 billion and SAR 6.77 billion.
First Abu Dhabi Bank (FAB), FAB Capital, Goldman Sachs International, Goldman Sachs Saudi Arabia, Morgan Stanley & Co. International plc, Morgan Stanley Saudi Arabia, and SNB Capital have been appointed as the joint global coordinators and financial advisors for the IPO.
HSBC Bank Middle East Limited, HSBC Saudi Arabia, EFG Hermes UAE Limited, and EFG Hermes UAE LLC act as joint bookrunners and underwriters for the offering process.
FAB is named as the listing advisor in the UAE, while SNB Capital is the lead manager in Saudi Arabia.
Led by the FAB, the receiving banks in the UAE are Abu Dhabi Islamic Bank and Al Maryah Community Bank. In the Kingdom, the Saudi National Bank (SNB), Al Rajhi Bank, Riyad Bank, Alinma Bank, and Arab National Bank (ANB) are the receiving banks.
