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EFG Hermes concludes advisory on Americana $1.8bn dual listing on the ADX, Saudi Exchange This is the first-of-its-kind concurrent dual listing between the two exchanges, with the firm acting as joint bookrunner and underwriter on the listing.
EFG Hermes announced today that its Investment Banking Division successfully completed advisory on a $1.8bn initial public offering (IPO) of Americana Restaurants International Plc (Americana) on the Saudi Stock Exchange (Saudi Exchange) and the Abu Dhabi Securities Exchange (ADX). This is the first-of-its-kind concurrent dual listing between the two exchanges, with the firm acting as joint bookrunner and underwriter on the listing. Americana offered 30% of its share capital at the top of the offer price range of AED 2.62/share in the UAE and SAR 2.68/share in Saudi Arabia, implying a total market capitalisation of $6.01bn. The transaction garnered significant interest from retail and institutional investors alike, with total orders hitting $105bn and the IPO being c.58x oversubscribed. Trading on the company's shares commenced yesterday under the ticker 'Americana' on the Saudi Exchange and 'AMR' on the ADX. Mohamed Fahmi — EFG Hermes' Co-Head of Investment Banking — commented on the advisory saying: "We are incredibly proud to have played a part in this historic transaction — another milestone added to our solid regional track record of firsts in the region. With a flurry of diverse, high-quality offerings, UAE and Saudi listings in particular have managed to garner strong demand from global institutional investors this year, and our world-class sales and distribution team has been instrumental in reaching a wide investor base while simultaneously executing on several key ECM transactions. We are thrilled to not only play a role in expanding these markets, but also to support Americana in kick-starting a new chapter in its growth story by leveraging our market expertise to build a book of quality regional and global institutional investors at the time of listing." CEO of EFG Hermes KSA Saud Altassan also commented on the transaction saying: "We are delighted to see the completion of such a historic transaction for Saudi Arabia and to be part of yet another first-of-its-kind transaction in the region. This deal marks the first dual listing for Saudi Arabia, paving the way for other non-Saudi issuers to list on the Saudi Exchange — an exchange that has undeniably contributed to providing diverse prospects for regional and global investors alike this year. We are excited to be a part of this new chapter for Americana and to continue bringing more ground-breaking, value-accretive offerings that deepen the region's financial markets."
