Americana International Restaurants, Inc., announced the successful completion of the simultaneous book-building process and the closing of the subscription period for its initial public offering.
The final price of the shares to be offered for subscription was set at AED 2.62 per share in the UAE and SAR 2.68 per share in the Kingdom of Saudi Arabia, which means that the market value of Americana Restaurants will reach $6.01 billion (equivalent to AED 22.07 billion or 22.58 billion Saudi riyals).
The price range for the initial public offering, which was determined and announced on November 14, 2022, ranged between AED 2.50 (SAR 2.55 to AED 2.62) to SAR 2.68 per share, which means that the final offering price was set at the upper end of the price range. .
Based on the final offering price, the total offering size will be US$1.80 billion, equivalent to AED 6.62 billion or SAR 6.77 billion.
The simultaneous book-building process resulted in approximately AED 386 billion / SAR 394 billion in total from qualified institutional investors in a number of countries, including the UAE and Saudi Arabia “eligible institutional tranche” and individuals and other investors in the UAE and the Kingdom. Saudi Arabia “the segment of individuals in the United Arab Emirates” and “the segment of individuals in the Kingdom of Saudi Arabia”, indicating that the subscription requests were exceeded by about 58 times.
As a result of the recent public holiday in Saudi Arabia, which was announced on November 22, 2022, the Company expects to provide more information about the IPO schedule, including the share allocation to investors on or about November 28, 2022.
It is worth noting that Adeptio AD Investments Limited (the “selling shareholder”) had announced the offering of 2,527,089,930 shares of its ordinary shares “the Offer Shares” for sale, with a nominal value of 0.073 AED (equivalent to 0.075 Saudi Riyals), which represents 30% of the total value of the shares. The issued shares in the capital of Americana Restaurants Company. The net proceeds of the offering will be distributed to the selling shareholder. Shares owned by the public will represent 33.97% of the company’s shares on the date of listing.