UAE: ADNH Catering raises Dh864 million in successful IPO on Abu Dhabi exchange

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.

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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.”

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