ADNH Catering plc, a renowned food and support services company based in the UAE, has successfully completed its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offering saw 900 million shares made available, representing 40% of the company’s issued share capital. The final offer price was set at Dh0.96 per share, raising Dh864 million in gross proceeds. This implies a market capitalization of Dh2.16 billion upon listing.
Investors who subscribed to the First Tranche will receive SMS confirmations on October 21, 2024, while refunds are expected to commence the same day. The IPO marks a major milestone for ADNH Catering as it continues its growth trajectory, with ambitions to expand its footprint across the UAE and Saudi Arabia.
Clive Cowley, CEO of ADNH Catering, expressed excitement, stating: “Today is another important milestone in our story, as we continue to expand our operations in pursuit of long-term and sustainable value for all stakeholders. As a business, we remain firmly committed to capitalizing on new opportunities in the UAE and Saudi Arabia, while maintaining our focus on excellence and innovation in the catering and support services sector.”
The IPO has attracted interest from both regional and international investors, showcasing confidence in ADNH Catering’s future plans. Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC were appointed as Joint Global Coordinators and Joint Bookrunners, with Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC serving as Joint Bookrunners. Several banks, including First Abu Dhabi Bank, acted as Receiving Banks for the offering.
