ADNH Catering has set a price range between AED0.91 and AED0.96 per share for its initial public offering (IPO). This implies a market capitalization at the time of listing of between AED2.05 billion ($558 million) and AED2.16 billion ($588 million).
As many as 900,000,000 shares with a nominal value of AED0.10 each will be available in the offering, representing 40 percent of ADNH Catering’s total issued share capital. Abu Dhabi National Hotels Company PJSC is selling the shares.
Subscription period begins
The subscription period will start today and will close on Monday, October 14, for retail subscribers and eligible employees, and on Tuesday, October 15, for qualified investors.
The final offer price is likely to be announced on Wednesday, October 16, 2024.
Admission of the shares to trading on ADX is likely to take place on Wednesday, October 23, 2024.
40 percent stake up for grabs
“We are excited to announce the start of the book building process for our IPO. It is a significant milestone for our company as our shareholder offers a 40 percent stake to local and international investors seeking to participate in the growth of a leading regional player,” said Clive Cowley, CEO of ADNH Catering.
“Our market-leading position in the UAE, coupled with strong and resilient financial performance, ideally positions us to deliver long-term value to shareholders while capitalizing on new opportunities and building deeper relationships with our existing clients. With exposure to high-growth sectors such as healthcare and education, and an expanding geographic footprint in Abu Dhabi and Dubai, we also see significant potential in Saudi Arabia, especially in the Eastern Region, Jeddah, and Riyadh, where we are already making excellent progress on expanding our operations,” he added.
Up to 10 percent of the offer shares will be available for allocation to existing shareholders of ADNH Group, who apply in either the first or second tranches.
Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC are joint global coordinators and joint bookrunners. Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC are joint bookrunners.
First Abu Dhabi Bank is the lead receiving bank. Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Emirates NBD Bank PJSC and Emirates Islamic Bank PJSC are receiving banks.
For more news on markets, click here.
