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Americana International Restaurants Company announced an increase in the number of shares available to individual investors in the UAE in its initial public offering from 5% to 10% of the total offering shares, to become similar to the percentage of individual investors in the Kingdom of Saudi Arabia.
There is no change in the number of shares available to the individual investor segment in the Kingdom of Saudi Arabia, which represents 10% of the total offering shares, while the percentage of shares available for the qualified institutional segment will change from 85% to 80% of the total offering shares. These amendments to the offering structure come after obtaining the required regulatory approvals from the Securities and Commodities Authority in the United Arab Emirates and the Capital Market Authority in the Kingdom of Saudi Arabia.
The subscription period for the initial public offering continues until November 21, 2022 for the segment of individuals and other investors in the UAE and Saudi Arabia, and until November 22, 2022 for the segment of eligible institutions in a number of countries, including the UAE and Saudi Arabia. The offering will be conducted through a dual and simultaneous listing process on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange (Tadawul).
The selling shareholder, Adeptio AD Investments Ltd., expects to offer 2,527,089,930 shares of its common stock, with a nominal value of AED 0.073 (SAR 0.075), which represents 30% of the total issued share capital of Americana Restaurants Company.
The net proceeds from the Offering will be received by the Selling Shareholder. Accordingly, the number of shares available for subscription by individual investors in the UAE will be 252,708,993 ordinary shares, and the number of shares available for subscription by individual investors in the Kingdom of Saudi Arabia will be 252,708,993 ordinary shares, and the number of shares available for subscription by qualified institutions will be 2,021,671,944.
The price range for the IPO was set between AED2.50 / SAR2.55 to AED2.62 / SAR2.68 per share, which means that the market capitalization of the group is equivalent to $5.73 billion to $6.01 billion. The final offering price is expected to be announced on November 23, 2022.
The company is expected to complete its listing on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange (Tadawul) on or around December 6, 2022 in accordance with market conditions and obtaining all required regulatory approvals.
