Americana International Restaurants plc announced the simultaneous listing of its shares on the Abu Dhabi Stock Exchange and the Saudi Stock Exchange (Tadawul) and the start of the trading process on December 12, 2022, after obtaining all the required regulatory approvals.

According to Arabia Net, the company announced the allocation of shares to investors and the updated schedule for its initial public offering.

On November 24, 2022, the company announced that the final price of the shares that will be offered for subscription is 2.62 AED per share in the UAE and 2.68 Saudi riyals per share in the Kingdom of Saudi Arabia.

The book-building process resulted in approximately $105 billion in subscription requests (equivalent to AED 386 billion / 394 billion Saudi riyals) in total from qualified institutional investors in a number of countries, including the UAE and Saudi Arabia, the eligible institutional segment, individuals and investors. Others in the UAE and Saudi Arabia are the segment of individuals in the UAE and the segment of individuals in Saudi Arabia, respectively, quoting a statement.

Subscription requests for individuals in the UAE and Saudi Arabia exceeded 48.2 times and 2.8 times, respectively, while subscription requests for qualified institutions exceeded 65.5 times. Which means exceeding subscription requests by 58 times. The IPO was subscribed by 283,245 individual investors in Saudi Arabia.

After the completion of the concurrent book-building process, 80% of the offering shares were allocated to the qualified institutional tranche (2,021,671,944) ordinary shares, 10% to the individuals tranche in the UAE (252,708,993) ordinary shares) and 10% to the individuals tranche in the Kingdom of Saudi Arabia (252,708,993). ) normal share.

Americana Restaurants has also allocated no less than 1,000 shares for each subscriber in the retail segment in the UAE, and no less than 892 shares of the offering shares for each subscriber in the retail segment in Saudi Arabia. In addition, the remaining Offer Shares were allocated on a pro-rata basis to the retail tranche in the UAE, with an allotment rate of 0.01% for the retail tranche in Saudi Arabia. The shares have been allocated to the tranche of eligible institutions in consultation with financial advisors and international coordinators.

According to the updated schedule, the excess subscription amounts (if any) will be returned to retail investors in the UAE on November 30, 2022 and to retail investors in Saudi Arabia before December 8, 2022. The IPO process will be completed through the dual listing process on the ADX Securities and the Saudi Stock Exchange (Tadawul).

For his part, Chairman of the Board of Directors of Americana Restaurants, Mohammed Ali Rashid Alabbar, said that pricing the offering at the upper end of the price range is a clear indication of the opportunity that we offer to investors, with the number of total subscriptions exceeding 58 times.

He added that the last step to complete the simultaneous dual listing process, which is the first ever in the Abu Dhabi Stock Exchange and the Saudi Stock Exchange, will contribute to enhancing the depth and development of the financial markets in the UAE and Saudi Arabia.

It is noteworthy that Adeptio AD Investments Limited had announced the offering of about 2.53 billion shares of its ordinary shares for sale, with a nominal value of 0.073 AED (equivalent to 0.075 Saudi riyals), which represents 30% of the total 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.