According to persons familiar with the situation, Morgan Stanley has joined the team working on a possible initial public offering that could value the company at over $8 billion. The operator of KFC and Pizza Hut locations throughout the Middle East and North Africa.
For the IPO of Americana Group, the New York-based bank will collaborate with First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., and SNB Capital, the sources said on condition of anonymity because the information is private. The IPO’s financial adviser is Rothschild & Co.
According to Bloomberg News, Americana has begun making plans for a dual listing in Riyadh and Abu Dhabi that could raise around $1 billion. Americana is supported by the Public Investment Fund of Saudi Arabia and an investment entity run by Mohamed Alabbar of Dubai. The size and timing of the offering’s specifics are still being finalised and are subject to change.
An Americana official declined to comment. Requests for comment from a Morgan Stanley spokeswoman were not immediately returned.
According to two of the sources, the company’s frozen food division would not be included in the IPO, but the restaurant franchising business will be. According to its website, Americana manages restaurants like KFC, Pizza Hut, Red Lobster, TGI Fridays, and more.
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