Abu Dhabi Securities Exchange (ADX) has announced that trading session for Americana Restaurants International Company will start from 11:00AM on Monday, December 12.
The pre-opening session for the restaurants operator will be from 10:30AM to 11:00AM.
This has been done due to dual listing of the shares on both ADX and the Saudi Tadawul.
Americana shares will list on ADX under the trading symbol AMR.
The final price for the shares has been set at AED2.62 in the UAE and SAR2.68 in Saudi Arabia, thus implying a market capitalisation of USD6.01 billion (AED22.07 billion/SAR22.58 billion). The price range for the IPO was set between AED2.50/SAR 2.55 to AED2.62/SAR2.68 per share, and finally priced at the top of its range.
“For 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’ chairman Mohamed Alabbar said.
Alabbar added: “We are looking forward to the next step of our growth journey and working towards future value creation. We are equally proud to have taken the final step towards a historic first-ever concurrent dual listing on ADX and the Saudi Exchange – further enhancing the depth and maturity of the UAE and Saudi capital markets. We look forward to welcoming our new shareholders in December.”
Americana Restaurants announced its intention to float as a means to accelerate expansion. As of now, the Middle East’s biggest restaurant operator generated orders of $105 billion from institutional investors.
“The UAE retail offer and the KSA retail offer were oversubscribed by approximately 48.2 times and 2.8 times respectively, whereas the institutional offer was oversubscribed 65.5 times, resulting in an aggregate oversubscription level of 58 times. A total of 283,245 retail subscribers are participating in the offering in Saudi Arabia,” the company said in a statement.
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