The Clap
Americana’s (6015) stock jumped 5.6% to reach SAR 2.83 after its first few trading sessions on the Saudi Tadawul, topping the traded values and volumes by about SAR 146.5 million, with a trading volume of around 52.8 million shares.
What
On Monday, the Riyadh and Abu Dhabi markets saw the listing of Americana in the first listing of its kind on the Saudi Tadawul, which was previously restricted to local companies.
So What
Americana received orders worth $105 billion from its dual IPOs in KSA and the UAE, exceeding the target amount of $1.8 billion by about 58 times.
Now What
The strong demand has set Americana’s stock price at the upper end of its price range, around SAR 2.68 in KSA and AED 2.62 in the UAE.
At this pricing, the company is valued at roughly $6 billion.
