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KFC Mena franchisee Americana doubles UAE retail size of IPO

Monitor, Electronics, Display Creative Commons
The subscription period will remain unchanged until November 21 for individuals

Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, has doubled the UAE retail offer for its initial public offering (IPO) from five percent to 10 percent of the total offering.

The move makes the UAE retail offer equivalent to Saudi Arabia, the company said in a statement.

The Saudi retail offer remains unchanged at 10 percent of the total offering, as the institutional offer will reduce from 85 percent to 80 percent of the total offering. 

The adjustment to the offering structure has been made after obtaining the necessary regulatory approvals from the UAE’s Securities & Commodities Authority and Saudi Arabia’s Capital Market Authority.

The subscription period remains unchanged until November 21, 2022, for individuals and other investors in the UAE and Saudi Arabia. Qualified institutional investors offering in several countries, including the UAE and Saudi Arabia, will run until November 22, 2022.

The offering is conducted through a concurrent dual listing process on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul).

The offer price range has been set between AED 2.50/SAR 2.55 and AED 2.62/SAR 2.68 per offer share, implying an equity value for the group of $5.73 billion to $6.01 billion. 

The final offer price is expected to be announced on November 23, 2022.

The statement said that the listing and trading on ADX and Tadawul are expected to take place by December 6, 2022, the statement said.