(Bloomberg) -- The Middle Eastern operator of KFC and Pizza Hut outlets drew orders worth $105 billion for its initial public offering, raising $1.8 billion for its shareholders in the first-ever dual-listing in Riyadh and Abu Dhabi.

Saudi Arabia’s Public Investment Fund and Dubai businessman Mohamed Alabbar sold 2.5 billion shares in Americana Restaurants International Plc. The IPO priced at the top end of the range, valuing the business at $6 billion, and continues a trend of listings being massively oversubscribed in the Middle East.

Gulf IPOs have been on a tear this year. About $19 billion has been raised so far from share sales, putting the region on course for its second-best year on record -- eclipsed only by 2019, which saw Aramco’s $29.4 billion listing, data compiled by Bloomberg show.

Americana shares were priced at 2.68 riyals each, or 2.62 dirhams, according to a statement on Thursday. The initial price range was 2.55 riyals to 2.68 riyals each, or 2.50 dirhams to 2.62 dirhams apiece.

Saudi Arabia’s Tadawul stock exchange had been encouraging firms for years to dual list, but none had done so before Americana. A successful deal is expected to set a precedent for others.

Americana is the biggest Saudi Arabian IPO this year after Nahdi Medical Co.’s $1.4 billion listing. It will also be the first company to have its shares traded in both Riyadh and Abu Dhabi. 

Earlier on Thursday, a unit of the state-owned Aramco received regulatory approval for an IPO in Riyadh that could raise about $1 billion. Meanwhile, Saudi Arabian utility Marafiq raised $897 million in a share sale that drew $53 billion in orders, and its shares closed up 3.5% on trading debut on Thursday. 

The Middle East’s listing boom stands in sharp contrast to most other markets where IPOs have slumped sharply because of concerns over high inflation and rising interest rates, coupled with recession risks in the US and Europe.

Americana’s listing date hasn’t been finalized and the company now expects to provide further information on the offering timetable and allocations to investors around Nov. 28, as a result of the public holiday on Wednesday. It had previously said it was due to start trading in Riyadh and Abu Dhabi on Dec. 6.

First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and SNB Capital are joint global coordinators for the IPO, while HSBC Holdings Plc and EFG Hermes are joint bookrunners. Rothschild & Co. is the financial adviser. 

(Updates listing date in 9th paragraph)

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