Americana Restaurants trims gains after early surge on ADX debut

Americana Restaurants trims gains after early surge on ADX debut

Shares of Middle East restaurant operator Americana Restaurants International, which began trading on Monday under the symbol AMR, trimmed some of its early gains, but closed higher at 2.82 dirhams ($0.77) on the Abu Dhabi Securities Exchange (ADX).

The stock surged 12.5% in early trading to a high of AED 2.95, according to ADX data.

The company, which raised $1.8 billion for its shareholders in its initial public offering (IPO), began trading in a first-of-its-kind concurrent dual listing on the ADX and the Saudi Stock Exchange (Tadawul). The final offer price was set at AED2.62 in the UAE and SAR2.68 per share in Saudi Arabia.

On the Tadawul exchange, the stock was 3.7% higher at SAR2.78 shortly before close.

Based on the final offer price, the company’s market capitalisation at listing was $6.01 billion, equivalent to AED22.07 billion or SAR22.58 billion.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

[email protected]

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2022