Americana Restaurants has increased the number of shares on offer for UAE retail investors in its initial public offering (IPO), which is set to raise as much as $1.8 billion. 

The franchisee of fast-food chain KFC and Pizza Hut in the Middle East and North Africa said the UAE retail tranche has been increased from 5% to 10%, raising the ordinary shares on offer to 252,708,993. 

The retail offer in Saudi Arabia remains unchanged at 10% or 252,708,993 shares, while the institutional tranche will be reduced from 85% to 80%, the company said in a statement on Friday. 

Americana is selling more than 2.5 billion of its shares. The nominal value for each share has been pegged at AED 0.073, representing 30% of the company’s issued share capital. 

The subscription period will still run until November 21 for individuals and other investors in the UAE and Saudi Arabia. 

“The adjustment to the offering structure has been made after obtaining the necessary regulatory approvals from the Securities & Commodities Authority (SCA) in the UAE and the Capital Market Authority (CMA) in Saudi Arabia,” the company said. 

The offering will be conducted through a concurrent dual listing process on the Abu Dhabi Securities Exchange and the Saudi Stock Exchange. 

(Reporting by Cleofe Maceda; editing by Mily Chakrabarty)