Middle East KFC Operator Climbs in Landmark $1.8 Billion Listing

The Middle Eastern operator of KFC and Pizza Hut outlets climbed in its debut after raising $1.8 billion in an initial public offering, pulling off the first-ever dual listing in Riyadh and Abu Dhabi.

Americana Restaurants International Plc gained 13% in Abu Dhabi to 2.95 dirhams and rose 6.7% in Riyadh to 2.86 riyals on Monday. Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar had sold 2.5 billion shares in Americana for 2.62 dirhams each, or 2.68 riyals.

Americana’s listing is the biggest in Saudi Arabia in 2022, a year already marked by a flurry of such offerings ...