Business News Food

KFC’s Center East and North Africa franchisee sets cost range for Initial public offering

DUBAI: Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, is set to raise as much as $1.8 billion from its initial public offering after the company disclosed an indicative price range on Monday.

The price range was set at 2.50 dirhams to 2.62 dirhams per share, the company said in a statement, implying an equity value for the group between $5.73 billion to $6.01 billion.

The final price will be disclosed on Nov. 23, the company said.

Americana is seeking a dual listing in the United Arab Emirates and Saudi Arabia.

Adeptio Investments, an investment vehicle jointly held by Saudi Arabia’s Public Investment Fund and Mohammed Alabbar, a Dubai businessman and the founder of Emaar Properties, is offering about 2.53 billion existing ordinary shares, representing 30% of the company.

Retail investors in the UAE will be allocated 5% of the offering, while retail investors in Saudi Arabia will be offered 10%. The remaining 85% will be allocated to institutional investors.

The Gulf is experiencing an IPO boom as the governments of Saudi Arabia, Abu Dhabi, and Dubai push state-led listing programmes, riding high on oil prices and a comparative dearth of such offerings in other markets.

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