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

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.