The monumental transaction, which was oversubscribed by c.58x, follows a series of successful ECM transactions the Firm has closed in the rapidly growing GCC region

Riyadh and Abu Dhabi, December 13, 2022

EFG Hermes, the leading investment bank franchise in Frontier and Emerging Markets (FEM), announced today that its Investment Banking division successfully completed advisory on the USD 1.8 billion initial public offering (IPO) of Americana Restaurants International Plc (Americana) on the Saudi Stock Exchange (Saudi Exchange) and the Abu Dhabi Securities Exchange (ADX) the first-of-its-kind concurrent dual listing between the two exchanges. The Firm acted 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 capitalization of USD 6.01 billion. The transaction garnered significant interest from retail and institutional investors alike, with total orders hitting USD 105 billion 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, “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.”  

Americana is the largest out-of-home dining and quick-service restaurant operator, boasting an expansive presence in 12 countries across MENA and Kazakhstan. As the region’s leading restaurant platform, the company serves a large and growing addressable population of over 270 million people, giving them access to an extensive network of global and iconic restaurant brands including KFC, Pizza Hut, Hardee's, Krispy Kreme, TGI Friday’s, Costa Coffee, Peet’s Coffee, and Baskin Robbins. 

The deal is the latest in a series of firsts EFG Hermes Investment Banking has been part of in the GCC ECM space, including the IPO of Arabian Centers Company (ACC) — the first Saudi IPO to have qualified US institutional investors as part of the institutional base — and the first book building transaction in the UAE for Emaar Malls. It also advised on International Diagnostics Holdings (IDH’s) dual listing on the Egyptian Exchange (EGX) and the London Stock Exchange (LSE) — the first listing between both exchanges — and first dual listing between the EGX and Nasdaq Dubai for Orascom Construction (OC).

Saud Altassan, CEO of EFG Hermes KSA, also commented on the transaction, “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 groundbreaking, value-accretive offerings that deepen the region’s financial markets.”

More recently, the team concluded advisory on the successful listing of Taaleem’s USD 204 million IPO on the DFM. The division also served as joint bookrunner on the USD 1.0 billion listing of Dubai’s exclusive toll-gate operator Salik on the DFM, and concluded advisory on Abu Dhabi’s largest ever IPO, and the USD 2.0 billion listing of Borouge, one of the world’s leading providers of innovative and differentiated polyolefin solutions. The division also advised on Ali Alghanim and Sons Automotive Company’s USD 323 million private placement ahead its IPO on Boursa Kuwait and served as advisor and joint bookrunner on the USD 6.1 billion listing of Dubai utility player DEWA — the largest ever listing in the Middle East since Saudi Aramco’s record share sale. 

—Ends—

About EFG Hermes Holding

With a current footprint spanning 14 countries across four continents, EFG Hermes Holding (EGX: HRHO.CA – LSE: EFGD) has grown over 39 years of success to transform from a pure-play investment bank in MENA into an impact-driven universal bank in Egypt with the leading investment bank franchise in Frontier and Emerging Markets (FEM). Drawing on our proven track-record and a diverse team of talented employees, we provide a wide spectrum of financial services that include advisory, asset management, securities brokerage, research and private equity to the entire FEM region. In our home country, we have the fastest-growing non-bank financial institutions (NBFI) platform with operations covering microfinance, leasing, factoring, Buy-Now Pay-Later (BNPL), digital payment solutions, mortgage finance and insurance.

And with its latest acquisition of majority stake in aiBANK, the Firm was able to provide commercial banking products and services. 

Through its three verticals, the Investment Bank, Non-Bank Financial Institutions (NBFI) and Commercial Bank, the group is perfectly positioned to consistently bring disruptive financial products and services to the market space, offering a holistic portfolio that best serves its growing base of individual clients and businesses of all sizes. 

Proudly present in: Egypt | United Arab Emirates | Saudi Arabia | Kuwait | Oman | Jordan | Pakistan | UK | Kenya | USA | Bangladesh | Nigeria | Vietnam | Singapore 

Learn more about us at www.efghermes.com & stay connected with us:  

For further information, please contact: 

The EFG Hermes Holding Public Relations Team

publicrelations@efg-hermes.com 

May El Gammal 

Group Chief Marketing & Communications Officer of EFG Hermes Holding

melgammal@efg-hermes.com 

Note on Forward-Looking Statements 

In this press release, EFG Hermes Holding may make forward looking statements, including, for example, statements about management’s expectations, strategic objectives, growth opportunities and business prospects. These forward-looking statements are not historical facts but instead represent only EFG Hermes Holding’s belief regarding future events, many of which, by their nature are inherently uncertain and are beyond management’s control and include among others, financial market volatility; actions and initiatives taken by current and potential competitors; general economic conditions and the effect of current, pending and future legislation, regulations and regulatory actions. Accordingly, the readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made.