ADNH Catering has successfully finalized the bookbuild and public subscription for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The company announced that the final offer price for its ordinary shares is set at AED0.96 per share, which is at the upper limit of the previously disclosed price range.
In a press release, ADNH Catering stated that the offering included 900 million shares, accounting for 40 percent of its total issued share capital. This move has generated gross proceeds of AED864 million, translating to a market capitalization of AED2.16 billion upon listing.
The IPO experienced significant oversubscription across all three tranches, with robust interest from both international and regional investors.
Shares are expected to begin trading on the ADX on Wednesday, October 23, 2024.
Clive Cowley, chief executive officer, ADNH Catering, expressed his excitement about the strong investor interest in the IPO, highlighting that it reflects the confidence in the company’s investment potential, strategic direction, and growth trajectory.
Read more: ADNH Catering sets IPO price range, starts subscription period
Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC have been designated as Joint Global Coordinators and Joint Bookrunners.
Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC are also serving as Joint Bookrunners.
Additionally, First Abu Dhabi Bank PJSC has taken on the role of Lead Receiving Bank, while Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Emirates NBD Bank PJSC, and Emirates Islamic Bank PJSC have been appointed as Receiving Banks.
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