Dubai: Americana Restaurants International, the biggest F&B operator in the region, announced a successful conclusion of the concurrent book-building and subscription period for its IPO. The final price has been set at Dh2.62 per share in the UAE and SR2.68 per share in Saudi Arabia, implying a market cap of $6.01 billion (Dh22.07 billion or SR22.58 billion).
The price range for the IPO was between Dh 2.50 to Dh2.62 a share, which means the offer was priced at the top of its range. Based on the final price, the IPO size is $1.80 billion, equivalent to Dh6.62 billion.
The concurrent book building process generated orders of Dh386 billion in aggregate from qualified institutional investors and individuals in the UAE and Saudi Arabia, representing an aggregate oversubscription level of approximately 58x. (As a result of the recent unplanned public holiday in Saudi Arabia, which was announced on November 22 after the World Cup win over Argentina, Americana expects to provide further information on the IPO timetable, including allocations to investors, on or around November 28.)
Adeptio AD Investments Ltd. will sell 2.52 billion shares via the offering, each with a nominal value of Dh0.073, representing 30 per cent of Americana's issued share capital. Immediately following admission for trading on ADX and Saudi Tadawul, Americana Restaurants will have a free float of 33.97 per cent of its issued share capital.