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U.S.The Middle East and North Africa region’s largest operator of quick-service restaurants has doubled the size of its UAE retail unit in an initial public offering amid buoyant demand.
The retail portion of its issuance in Saudi Arabia remained unchanged, accounting for 10% of total issuance. The institutional investor portion has been reduced from 85 percent of the total offering to 80 percent, the company said in a statement Friday.
The overall issue size remains unchanged at 30% of the company’s issued share capital.
The company will sell more than 2.52 billion shares to retail investors in the UAE and Saudi Arabia between Nov. 14 and Nov. 21. For institutional investors, it will close on November 22.
The price range was set at AED 2.50 and SAR 2.55 ($0.68) to AED 2.62 and SAR 2.68 ($0.71) per share, meaning the group’s stake was valued at $5.73 billion to $6.01 billion. One hundred million U.S. dollars.
The final quotation is expected to be Announced on November 23.
American Airlines could raise as much as $1.8 billion in an initial public offering that will eventually dual-list on Saudi Arabia’s Tadawul and the UAE’s Abu Dhabi stock exchanges, the largest securities exchanges in the Arab world Place. Shares are expected to begin trading around Dec. 6.
The company, the largest outdoor dining operator in 12 countries in the Middle East and North Africa and Kazakhstan, which operates restaurant chains such as Pizza Hut and KFC, is the latest regional company to seek to raise capital through the stock market amid rising oil prices. liquidity and strong investor confidence.
Unlike global markets, where soaring inflation and heightened recession fears have dampened investor sentiment, the MENA region has seen brisk IPO activity this year and into 2021.
In the first half of this year, there were 24 IPOs in the MENA region. UAE is the largest IPO market In terms of total deal value, Saudi Arabia led the way with five IPOs in the first six months of the year, according to EY data.
IPOs in the Middle East have raised $18 billion this year, the highest share in the Gulf region since 2019, when Saudi Aramco’s $29 billion listing was the world’s largest, according to Bloomberg data.
Saudi Arabia’s main exchange, Tadawul, had two IPOs and Nomu-Parallel Market had three IPOs, raising $490 million in proceeds in the third quarter.
Americana intends to maintain a “solid dividend policy” and pay a partial dividend of about 75% of the parent company’s net profit in the second half of the year.
It expects to pay a cash dividend in the first half of next year.
From 2023 onwards, the company intends to adopt an annual dividend distribution policy, and plans to use at least 50% of its profits for dividend distribution.
Rothschild & Co acted as independent financial advisor to the IPO.
First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, SNB Capital are joint global coordinators and financial advisors.
FAB is the lead manager and listing advisor in the UAE, while SNB Capital is the lead manager in Saudi Arabia.
Updated: November 18, 2022, 6:04 AM
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