Saudi Arabia’s Public Investment Fund (PIF) as well as Dubai-based Americana Group, led by businessman Mohamed Alabbar are in early discussions for a potential IPO listing.
Americana operates restaurants for brands including Baskin Robbins, Costa Coffee, and TGI Fridays, as well as KFC and Pizza Hut, according to its website.
Alabbar’s Adeptio AD Investments SPC Ltd bought the firm in 2016. The PIF took a 50 percent stake in Adeptio at the end of 2016, following which Americana subsequently delisted from the Kuwait stock exchange.
The firm has held early-stage talks with advisers over a listing in the UAE or Saudi Arabia.
Discussions are ongoing, but no advisers have been hired and there is no certainty the IPO will materialize, the report said quoting anonymous sources.
The firm could also opt for a rare dual listing in the UAE and Saudi Arabia.
An initial public offering of Americana could raise approximately $1 billion, the report stated, but details on the latest valuation weren’t immediately available. The firm was valued at approximately $3.5 billion when it was taken private in 2017.
To conclude, if Americana decides to go ahead with an IPO listing, it will be followed by a boom for IPOs in the MENA region.
