ADNH Catering has completed its bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) raising gross proceeds of AED864 million ($235 million). This implies a market capitalisation of the group at listing of AED2.16 billion ($588 million). 

 

ADNH Catering confirms that the final offer price for its ordinary shares has been set at AED0.96 per share, pricing at the top of the previously announced offer price range.

 

Some 900 million shares were made available in the offering, representing 40% of ADNH Catering’s total issued share capital. The IPO was multiple times oversubscribed across each of the First, Second and Third Tranches (as described in the Prospectus), with substantial demand from both international and regional investors.

 

Trading to take place on October 23

Admission of shares to trading on the ADX is expected to take place on October 23, 2024. 

 

Clive Cowley, Chief Executive Officer of ADNH Catering, said: “We are delighted by the strong investor demand we have received for our IPO, which reflects the confidence that investors have in ADNH Catering’s investment proposition, strategy and trajectory. 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 capitalising on new opportunities in the UAE and Saudi Arabia, while maintaining our focus on excellence and innovation in the catering and support services sector. As we look to the future, we warmly welcome our new shareholders and look forward to delivering both on our attractive dividend policy and our determined growth plans.”

 

Investors who subscribed through the First Tranche will receive an SMS confirmation of their respective allocation on October 21, 2024, with refunds due to commence from the same date.

 

Joint Bookrunners

Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC have been appointed as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC have been appointed as Joint Bookrunners. 

 

First Abu Dhabi Bank PJSC has been appointed as the Lead Receiving Bank. 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.--TradeArabia News Service