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Riyadh: Americana Restaurants International set the price range for its initial public offering at $2.55-$2.68 per share ($0.68-$0.71) as it began its book-building period on Monday.
The KFC and Pizza Hut restaurant operator’s initial public offerings will take place from Nov. 14 to 21 for retail investors in the UAE and Saudi Arabia, while institutional investors can open their doors from Nov. 14 to 21, according to an exchange filing. Participated on the 22nd.
The bookkeeping process will be led by SNB Capital, Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia and FAB Capital JSC, the filings show.
The company, owned by the Saudi Arabian Public Investment Fund, plans to list its shares in Riyadh and Abu Dhabi through a dual listing.
Americana recently received approval from Saudi regulators to issue 2.52 billion shares, representing 30 percent of the company’s share capital.
It also received approval for a listing application from the Saudi bourse on the main market on October 25.
It said it expected to list on the Abu Dhabi Stock Exchange and the Saudi Stock Exchange on or around December 6.
“The simultaneous dual listing on ADX and the Saudi Exchange marks the first transaction in both markets, and no company is better suited to carry the torch than Americana Restaurants,” said Chairman Mohamed Rashed Alabbar.
He added: “With macroeconomic and demographic tailwinds supporting our accelerated growth, this is an exciting time to invite investors from the UAE, Saudi Arabia and internationally to share our journey to future success.”
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