Americana Restaurants International Plc has increased the UAE retail offer for its initial public offering (IPO) from 5 percent to 10 percent of the total offering, equalling to the size of the KSA retail offer.
The KSA retail offer remains unchanged at 10 percent of the total offering, whilst the institutional offer will reduce from 85 percent to 80 percent of the total offering, the company said in an emailed statement on Friday.
“The adjustment to the offering structure has been made after obtaining the necessary regulatory approvals from the Securities and Commodities Authority (SCA) in the UAE and the Capital Market Authority (CMA) in Saudi Arabia,” the statement added.
The subscription periods will remain unchanged, and will continue until November 21 for individuals and other investors in UAE and Saudi Arabia.
The subscription period will continue until November 22 for qualified institutional investors.
According to the statement, “Adeptio AD Investments Ltd., the selling shareholder, expects to sell 2,527,089,930 existing ordinary shares in the offering, each with a nominal value of AED 0.073 (equivalent to SAR 0.075), representing 30 percent of the company’s issued share capital.”
“As such, the UAE retail offer will now be for 252,708,993 ordinary shares, the KSA retail offer will be for 252,708,993 ordinary shares, and the institutional offer will now be for 2,021,671,944 ordinary shares,” the company said.
The offer price range has been set between AED2.50/SAR2.55 to AED2.62/SAR2.68 per offer share, implying an equity value for the group of $5.73 billion to $6.01 billion. The final offer price is expected to be announced on November 23.
“The completion of the offering and admission of the offer shares to listing and trading on ADX and the Saudi Exchange is currently expected to take place on or around December 6, subject to market conditions and obtaining relevant regulatory approvals in the UAE and Saudi Arabia, including approval of admission,” the statement added.
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