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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)
