ADNH Catering plc, a leading food and support services provider in the UAE incorporated in the Abu Dhabi Global Market (ADGM), has successfully completed the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
ADNH Catering confirms that the Final Offer Price for its ordinary shares has been set at Dh0.96 per Share, pricing at the top of the previously announced offer price range.
900 million shares were made available in the offering, representing 40% of ADNH Catering’s total issued share capital, raising gross proceeds of Dh864 million, and implying a market capitalisation of the Group at listing of Dh2.16 billion.
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. Admission of shares to trading on the ADX is expected to take place on Wednesday 23 October 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 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. 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.”
Based on the final offer price, ADNH Catering’s market capitalisation upon listing will be Dh2.16 billion. Investors who subscribed through the First Tranche will receive an SMS confirmation of their respective allocation on Monday 21 October 2024, with refunds due to commence from the same date.
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.
You may also like
Starlink Sets Its Sights on India: Musk's Vision for Better Connectivity
'I tried the new McDonald's mini hash browns - I have one major issue with them'
The best value gaming headset is about to get even better
Mappable forms strategic partnerships with Fujairah GIS Center, Emirates Transport and Emarat at GITEX 2024
Amanda Holden sparks BGT outrage as 'fake' announcement heard in background of new video
Kyran Durnin's mum left chilling note behind on table before vanishing with her son, 8
BSF seizes 2.75 kg gold along Indo-B'desh border, 3 farmers held
My 70-year-old dad swears by this M&S thermal top for keeping him warm in winter
Meet the mind guru helping 'goofy and loving' Wigan Warriors boss Matt Peet
'No Stick-Waving Or Aggressive Gestures': Omar Abdullah, In First Move As J&K CM, Sets New VIP Protocol
New Zealand exempts abuse victims from forced 2-year wait before they can seek divorce
Four Bangladeshis arrested along IBB with fake Aadhaar cards
Lionel Scaloni comments after Lionel Messi hat-trick sum it all up as retirement hint dropped
Sensex Slips 319 Points, Nifty Dips Below 25K: Auto & IT Stocks Drag
SCO meeting: Pakistan PM Shehbaz Sharif stays silent on Kashmir
Govt approves Rs 35,000 cr for PM Annadata Aay Sanrakshan Abhiyan
'My son has come back': Murdered fan Renukaswamy's father as grandson born
Alastair Cook, Neetu David And AB De Villiers Inducted Into The ICC Hall Of Fame As Class Of 2024
'Stylish' ankle wellies are 'so comfortable and a godsend in wet weather' - and under £20
Diwali BONANZA! Haryana anganwadi workers salary hike announced ahead of festival