Sebi has approved a scheme for high net worth individuals which will require a minimum investment of Rs1 million
business23 hours ago
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.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
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.
ALSO READ:
Sebi has approved a scheme for high net worth individuals which will require a minimum investment of Rs1 million
business23 hours ago
In April 2024, US technology giant Microsoft announced a $1.5 billion strategic investment in G42
business23 hours ago
SMEs account for 95% of companies operating in the UAE
business1 day ago
More than 350 start-ups from Europe taking part in the event
business1 day ago
Expand North Star 2024 attracts participation of 65 unicorns with a combined valuation of $400 billion
business1 day ago
Digital assets industry has been growing exponentially in UAE and worldwide due to the advent of new technologies and asset classes
business1 day ago
Wynn says its land-based gaming facility licence is valid for 15 years
business1 day ago
The move was announced by the Ministry of Finance after Decision No. 98 of 2024
business1 day ago