Americana’s Landmark Saudi-UAE IPO Draws $105 Billion in Orders
- Saudi PIF, Alabbar sold 30% stake in IPO that priced at top
- Americana is first dual-listing in Saudi Arabia and the UAE
A Kentucky Fried Chicken restaurant near the holy Grand Mosque in Mecca.
Photographer: Marwan Naamani/AFP/Getty Images.This article is for subscribers only.
The Middle Eastern operator of KFC and Pizza Hut outlets drew orders worth $105 billion for its initial public offering, raising $1.8 billion for its shareholders in the first-ever dual-listing in Riyadh and Abu Dhabi.
Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar sold 2.5 billion shares in Americana Restaurants International Plc. The IPO priced at the top end of the range, valuing the business at $6 billion, and continues a trend of listings being massively oversubscribed in the Middle East.