Americana Restaurants: IPO Final price…AED 2.62 per Share in UAE, SAR 2.68 per Share in Saudi Arabia

Americana Restaurants International Plc (“Americana Restaurants” or the “Company”), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa and Kazakhstan, announces investor allocations and the revised timetable for its Initial Public Offering (“IPO” or the “Offering”) – the historic, first-of-its-kind concurrent dual listing on the Abu Dhabi Securities Exchange (“ADX”) and the Saudi Stock Exchange (the “Saudi Exchange”).

As announced on 24 November 2022, the final price for the shares to be sold in the Offering (the “Final Offer Price”) has been set at AED 2.62 per Share in the UAE and SAR 2.68 per Share in Saudi Arabia.

The concurrent bookbuilding process generated orders of approximately $105 billion (equivalent to AED 386 billion / SAR 394 billion) in aggregate from qualified institutional investors in a number of countries, including the UAE and Saudi Arabia (the “Institutional Offer”) and individuals and other investors in the UAE and Saudi Arabia (the “UAE Retail Offer” and the “KSA Retail Offer” respectively). The UAE Retail Offer and the KSA Retail Offer were oversubscribed by approximately 48.2x and 2.8x respectively, and the Institutional Offer was oversubscribed 65.5x, resulting in an aggregate oversubscription level of 58x. A total of 283,245 retail subscribers are participating in the Offering in Saudi Arabia.

Following the conclusion of the concurrent bookbuilding process, 80% of the Offering (2,021,671,944 ordinary shares) has been allocated to the Institutional Offer; 10% to the UAE Retail Offer (252,708,993 ordinary shares); and 10% to the KSA Retail Offer (252,708,993 ordinary shares). Americana Restaurants allocated a minimum of 1,000 Offer Shares to each subscriber in the UAE Retail Offer and a minimum of 892 Offer Shares to each subscriber in the KSA Retail Offer. The remaining Retail Offer Shares were allocated on a pro-rata basis for the UAE Retail Offer and based on an allocation factor of 0.01% for the KSA Retail Offer. Allocations for the Institutional Offer have been made in consultation with the Financial Advisors and the Joint Global Coordinators.

According to the updated Offering timetable, surplus subscription amounts (if any) will be refunded to retail investors in the UAE on 30 November 2022 and to retail investors in Saudi Arabia prior to 8 December 2022. The IPO will be concluded through a dual listing process on ADX and the Saudi Exchange, with admission of the Offer Shares to listing and trading now expected to be on 12 December 2022, subject to receiving all required regulatory approvals (“Admission”).

Mr. Mohamed Ali Rashed Alabbar, Chairman of Americana Restaurants, commented:

“This is a proud day for all at Americana Restaurants, a testament to the immense value that has been created by the business since inception and, more recently, through its transformation journey. 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.

 “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.”

Adeptio AD Investments Ltd. (the “Selling Shareholder”) will sell 2,527,089,930 existing ordinary shares in the Offering (the “Offer Shares”), each with a nominal value of AED 0.073 (equivalent to SAR 0.075), representing 30% of the Company’s issued share capital. The net proceeds of the Offering will be received by the Selling Shareholder. Immediately following Admission, Americana Restaurants will have a free float of 33.97% of its issued share capital.

REVISED OFFERING TIMETABLE