PIF-backed Americana Restaurants targets $6 bn valuation in dual listing
Americana Restaurants International, which manages KFC and Pizza Hut outlets across the Middle East and North Africa (MENA) region is set to raise up to $1.8 billion in its dual initial public offering in the UAE and Saudi Arabia.
Americana, which is looking to list up to 30% of its shares, has fixed a price range of between AED2.5 to AED2.62 per share ($0.68 and $0.71) per share in what will be the first ever dual listing by a company in both the UAE and Saudi Arabia.
At this price range the company will be valued between $5.73 billion and $6.01 billion.
The final offer price is set to be announced on November 23. The shares are likely to list on both exchanges on December 6.
Americana Restaurants is owned by the Saudi sovereign wealth fund Public Investment Fund (PIF) and Dubai-based Adeptio Investments AD Ltd. Adeptio will sell 2.53 billion shares of the company.
Adeptio is led by Dubai based-real estate baron Mohammed Alabbar, founder of Emaar Properties. It acquired Americana Restaurants in 2016. Later that year, PIF bought a 50% stake in the company.
From 2023 onwards, Americana plans to adopt an annual dividend policy, distributing a minimum of 50% of net profit attributable to its parent, with “the intention to further distribute any cash not specifically reserved for general corporate purposes, growth investment or M&A activity”, it added.
