The Clap
Americana revealed the prospectus for the dual listing in Saudi Arabia and the UAE, after the Saudi Capital Market Authority approved its application.
The Deets
Americana seeks to offer 30% of its capital for public subscription, amounting to around 2.527 billion shares.
The company will be dual-listed on the Tadawul and the ADX through a simultaneous IPO.
Underwriting
The subscription period for Americana is expected to run from 14 to 21 November for the retail investor segment in Tadawul and Abu Dhabi and from November 14 to 22 for the eligible institutions’ segment.
The company’s shares are expected to start trading in the two countries by December 6.
Now What
Adeptio AD Investments (the selling shareholder), part-owned by the Saudi Public Investment Fund, will allocate 85% of its shares of the offering to institutions, 10% to individual subscribers in KSA, and 5% to individual subscribers in the UAE.
So What
Americana, operator of KFC and Pizza Hut, will be the first company to be traded in both KSA and UAE. Both countries have been encouraging companies to dual-list for years.
According to Bloomberg, the IPO could raise at least $2 billion, making it the largest listing in Saudi Arabia this year.
