Mubasher: Americana Restaurants International settled the final price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) and the Abu Dhabi Securities Exchange (ADX) at SAR 2.68 per share and AED 2.62, respectively.

The total offering size reached $1.80 billion (SAR 6.77 billion or AED 6.62 billion), with an implied market cap of $6.01 billion (SAR 22.58 billion or AED 22.07 billion), according to a bourse disclosure.

The bookbuilding process, which was oversubscribed 58 times, registered nearly $105 billion (SAR 394 billion or AED 386 billion) from qualified institutional and retail investors in a number of countries, including Saudi Arabia and the UAE.

The selling shareholder Adeptio AD Investments offered 2.52 billion existing ordinary shares, at a nominal value of AED 0.073 (SAR 0.075) per share, of Americana Restaurants that represent 30% of the total issued share capital. It will receive the net proceeds of the IPO.

Following the admission date, which is expected to be on 6 December 2022, Americana Restaurants will have a free float of 33.97% of its issued share capital.

Earlier, Americana Restaurants doubled the size of its UAE’s retail tranche to 10% from 5% to match Saudi Arabia’s retail offer of 252.70 million ordinary shares.