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飞机群组:Gulf KFC operator’s US$1.8bil IPO covered within hours

admin2022-11-191kết quả xổ số hôm nay

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RIYADH: The initial public offering (IPO) of Americana Restaurants International Plc, the Middle Eastern operator of KFC and Pizza Hut outlets, was covered within hours of the company opening its books, continuing the strong demand for regional share sales.

Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar are seeking to raise as much as US$1.8bil (RM8.4bil) from the dual-listing of Americana in Riyadh and Abu Dhabi.

The price range has been set at 2.55 riyals (68 US cents or RM3.17) to 2.68 riyals (RM3.33) a piece, according to a statement yesterday.

Americana’s IPO books are multiple times covered throughout the price range, according to terms of the deal seen by Bloomberg News.

Americana is set to be the biggest Saudi IPO this year and will value it at as much as US$6bil (RM28bil).

Order books were multiple times covered across the range just a few hours after the company opened its books, according to terms of the deal, showing that demand for Middle Eastern listings remains strong.

The company will be the first to have shares traded in both the United Arab Emirates (UAE) and Saudi Arabia, where the Tadawul stock exchange has for years been encouraging firms to dual list.

The deal is being closely watched as it will set a precedent for other regional businesses to list their shares on the two exchanges.Americana is part of a late-year rush of IPOs in the Middle East that has emerged as a bright spot in an otherwise grim market for listings globally, with proceeds down significantly from last year because of high inflation and hawkish central banks.

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The region accounts for almost half of the IPO volumes in Europe, the Middle East and Africa this year.

Diversification via IPOs

A surge in oil prices through 2021 and the early months of this year, coupled with a rotation by investors into the region following Russia’s invasion of Ukraine, have helped underpin IPOs.

Saudi Arabia and the UAE are also seeking to sell stakes in state assets to fund the diversification of their oil-dependent economies.The offer period for Americana will run from Nov 14 to Nov 21 for retail investors in the UAE and Saudi Arabia, and until Nov 22 for institutional investors.

The final offer price is expected to be announced on Nov 23 and trading on both exchanges will start Dec 6.

Americana operates restaurants for brands including Baskin Robbins, Costa Coffee and TGI Fridays as well as KFC and Pizza Hut, according to its website.

It was previously operated by Kuwait Food Co under the wider Americana umbrella, which included both the restaurant and food businesses.

The IPO is for the restaurant business only.

Alabbar’s Adeptio AD Investments bought the firm in 2016.

The Saudi wealth fund took a 50% stake in Adeptio at the end of that year and Americana subsequently delisted from the Kuwait stock exchange.

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