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Americana Group is preparing for a dual listing in Saudi Arabia and Abu Dhabi, as part of its plan to raise $1 billion through an initial public offering (IPO), Bloomberg reported, citing unnamed sources with knowledge of the matter.
The planned share sale is expected to value the firm at around $8 billion, and include its restaurants franchise only, without the frozen food arm, the sources added.
The group picked Morgan Stanley to manage the potential IPO alongside First Abu Dhabi Bank, Goldman Sachs and SNB Capital, while Rothschild & Co. will act as financial adviser.
In October 2016, the Dubai-based consortium Adeptio, led by Mohamed Alabbar, acquired a 93.4% stake in the company and purchased another stake in March 2017, Argaam earlier reported. In November 2016, the Public Investment Fund (PIF) announced its purchase of a 50% stake from Adeptio.
Americana was established in Kuwait in 1964. It operates more than 1,800 restaurants across the region as well as 25 food production plants in the UAE, Saudi Arabia, Kuwait and Egypt.
It was delisted from Kuwait’s stock market on April 23, 2018.
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