Mubasher: Americana Restaurants International increased the size of its UAE’s retail tranche to 10% from 5% in its initial public offering (IPO) to match Saudi Arabia’s retail offer.

Meanwhile, the institutional tranche has been reduced to 80% from 85% of the total offering, according to a bourse filing.

Consequently, the retail offer of each of Saudi Arabia and the UAE reached 252.70 million ordinary shares, whereas a total of 2.02 billion ordinary shares will be directed to the institutional tranche.

The overall offering size still stands at 2.52 billion ordinary shares, accounting for 30% of Americana Restaurant’ issued share capital.

Earlier, the company set the price range for its 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).

The final IPO price is forecast to be unveiled 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.

Last October, the Saudi Capital Market Authority (CMA) passed Americana Restaurants’ request for the potential dual listing on Tadawul and ADX.