Skip to content Skip to Search
Skip navigation

KFC Mena franchisee generates $105bn in orders for dual IPO

By Pramod Kumar
Food, Snack, Fries Creative Commons
The concurrent dual listing is expected on December 12

Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, has set the final offer price for its upcoming initial public offering at $0.71 per share in the UAE and Saudi Arabia, the UAE state-owned WAM news agency reported.

The dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul) is expected on December 12, subject to receiving all required regulatory approvals.

The book-building process generated orders of nearly $105 billion on aggregate from qualified institutional investors in several countries, as well as individuals and other investors in the UAE and Saudi Arabia.

The UAE and Saudi retail offers were oversubscribed by approximately 48.2x and 2.8x, respectively. The institutional offer was oversubscribed by 65.5x, resulting in an aggregate oversubscription level of 58x. 

Americana Restaurants allocated a minimum of 1,000 shares to each subscriber in the UAE retail offer and a minimum of 892 shares to those in the Saudi retail offer, the news agency said.

According to the updated offering timetable, surplus subscription amounts will be refunded to retail investors in the UAE on November 30 and to retail investors in Saudi Arabia before December 8. 

Mohamed Ali Rashed Alabbar, chairman of Americana Restaurants, said: “The offering to be priced at the top of the range is a clear demonstration of the opportunity that we present to investors, and that was further proven by aggregate oversubscription of approximately 58x.”

Americana Restaurants will have a free float of 33.97 percent of its issued share capital following the listing.

Latest articles

Architecture, Building, Cityscape

Ajman sees 7% rise in hotel revenues amid tourism surge

The number of tourist arrivals in Ajman rose 9 percent year on year during the first quarter of 2024, leading to a 3 percent increase in hotel occupancy levels, according to the Ajman Department of Tourism Development. Revenue rose 7 percent year on year in the first quarter, as the average length of stay increased 5 percent, […]

Dubai The World Villas

Demand for beach plots sells 80% of The World villas in days

An ultra-luxe villa community planned for Dubai’s The World Islands is more than 80 percent sold only days after first being announced, thanks to the dearth of available beachfront plots in the city. The boutique developer Amali Properties, co-founded by siblings Ali and Amira Sajwani of Damac Properties, said last week that the community will […]

Investor Tim Draper told AGBI the US must 'swing back to freedom' to avoid losing innovation to countries such as the UAE

Tim Draper: UAE benefits from US crypto ‘overregulation’

Billionaire venture capitalist Tim Draper has criticised the US for its restrictive stance on cryptocurrency, claiming it is driving innovators towards more encouraging and friendlier markets such as the UAE. The Gulf state is actively developing regulatory frameworks to lure new forms of business, amid intense regional economic competition. Dubai and Abu Dhabi have set […]

A subsidiary of Banque Misr will open the first digital-only bank in Egypt this year

Egypt to open first digital bank later this year

Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […]