Markets Americana shares surge in market debut after $1.8bn IPO By Reuters December 13, 2022 Americana Restaurants Americana was founded in Kuwait in 1964 and operates 1,800 restaurants across the region The Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut surged in its stock market debut on Monday, after raising $1.8 billion in an initial public offering and a subsequent dual listing in Abu Dhabi and Riyadh. Americana Restaurants’ shares jumped 12.6 percent to AED 2.95 at the open on the Abu Dhabi Securities Exchange, versus its IPO price of AED 2.62. In Riyadh, Americana’s shares opened 2.6 percent higher at SAR 2.75, versus the IPO price of SAR 2.68. Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar sold 2.63 billion shares, about 30 percent of the company, in a public share-sale last month for the region’s first dual listing. “The concurrent dual listing of Americana Restaurants on ADX and the Saudi Exchange marks a first-of-its-kind transaction,” Mohamed Alabbar was quoted as saying in a statement. Americana was founded in Kuwait in 1964 and operates 1,800 restaurants across the region, according to its website. It operates the franchises for KFC, Pizza Hut, Hardee’s and Krispy Creme, among others.
