Announcing the price of the first double listing on the Gulf stock exchanges

Announcing the price of the first double listing on the Gulf stock exchanges
Announcing the price of the first double listing on the Gulf stock exchanges

Americana International Restaurants, one of the largest operators of the dine-in and quick-service restaurant segments in the Middle East, North Africa and Kazakhstan region, has announced the completion of the simultaneous book-building process and the closing of the IPO period for its initial public offering.
And a statement issued by the company said yesterday, the final price of the shares that will be offered for subscription was set at 2.62 AED per share in the UAE and 2.68 Saudi riyals per share in Saudi Arabia, which means that the market value of Americana Restaurants will reach $ 6.01 billion, which is equivalent to 22.07 billion UAE dirhams or 22.5 billion Saudi riyals.
The price range for the initial public offering, which was determined and announced on November 14, ranged from AED 2.50 and SAR 2.55 to AED 2.62 and SAR 2.68 per share, which means that the final offering price was completed. Set it at the upper end of the price range.
The statement added that based on the final offering price, the total volume of the offering will be $1.80 billion, equivalent to 6.6 billion UAE dirhams or 6.7 billion Saudi riyals.
According to the results, the process of building the book of simultaneous orders resulted in subscription requests of about 386 billion AED / 394 billion Saudi riyals in total from qualified institutional investors in a number of countries, including the UAE and Saudi Arabia, individuals and other investors in the two countries, which indicates that requests have been exceeded. Underwriting by about 58 times.
The statement pointed out that as a result of the unexpected recent public holiday in Saudi Arabia, which was announced on November 22, the company expects to provide more information about the public offering schedule, including the allocation of shares to investors on the 28th of this month. .
It is noteworthy that Adeptio AD Investments Limited (the selling shareholder) had announced the offering of 2.5 billion shares of its ordinary shares for sale, with a nominal value of 0.073 UAE dirhams (equivalent to 0.075 Saudi riyals), which represents 30 percent of the total issued shares in the capital. Americana Restaurant Company.

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