The Middle Eastern operator of KFC and Pizza Hut outlets, Americana Restaurants International Plc, climbed in its debut after raising $1.8 billion in an initial public offering, pulling off the first-ever dual listing in Riyadh and Abu Dhabi, Bloomberg reports.
Americana gained 13% in Abu Dhabi to 2.95 dirhams and rose 6.7% in Riyadh to 2.86 riyals on Monday, per Bloomberg. Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar had sold 2.5 billion shares in Americana for 2.62 dirhams each, or 2.68 riyals.
The listing in Saudi Arabia is its biggest IPO of 2022, drawing orders worth $105 billion, and is the third-biggest in the United Arab Emirates.
Gulf markets have witnessed a banner year with regards to initial public offerings as high oil prices boost the attractiveness of listing in the region.
The region’s performance stands opposite of others globally, where IPOs have been slowed because of concerns over soaring inflation and rising interest rates.
As Bloomberg notes, Gulf IPOs are on track to raise more than $20 billion this year, which would have been an annual record if it weren’t for 2019 when Aramco had its $29.4 billion IPO.
