The Clap
Americana has allocated shares to investors, outlining the updated schedule for its IPO, the first double listing on Saudi Tadawul and the Abu Dhabi Securities Exchange.
What
Americana allocated no less than 892 shares of the offering for each individual subscriber in KSA and no less than 1,000 shares for each individual subscriber in the UAE.
The remaining shares were also allocated on a pro-rata basis to individual subscribers in the UAE, while 0.01% were allocated to individual subscribers in KSA.
The shares have been allocated to the tranche of eligible institutions, in consultation with financial advisors and international coordinators.
So What
The operator of “Kentucky Fried Chicken” and “Pizza Hut” restaurants in the Middle East managed to attract $105 billion worth of orders in the IPO for 30% of its shares, covering its offering by more than 58x.
Americana’s market value will increase to around $6.01 billion once the listing is complete.
Now What
Americana’s shares will begin trading on the Tadawul and Abu Dhabi Securities Exchange on Monday, December 12, as per the company’s IPO schedule.
