UAE: ADNH Catering shares close unchanged on debut

Shares of ADNH Catering, a leading food and support services provider in the UAE, closed unchanged on the first day of listing at the Abu Dhabi Securities Exchange after trading in negative territory for most of the day.

Abu Dhabi-headquartered company’s shares closed at Dh0.96 on Wednesday, unchanged from its final offer price announced at the time of initial public offering (IPO) earlier this month.

The overall trend in the market also was negative as the Abu Dhabi bourse ended the day 0.449 per cent lower at 9,204.85 points.

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

Some of the previous companies listed on the UAE bourses saw a big jump on the first trading day of the day.

ADNH Catering was the latest UAE company to go public, raising Dh864 million earlier this month.

It set pricing at the top of the offer price range, valuing the company at Dh2.16 billion. The offering attracted robust demand from international and regional investors, being oversubscribed more than 15 times and attracting more than Dh13 billion in demand.

The Abu Dhabi-based company sold 900 million shares in the offering, representing 40 per cent of total issued share capital.

Clive Cowley, chief executive officer of ADNH Catering, said earlier that the firm remains firmly committed to capitalising on new opportunities in the UAE and Saudi Arabia while maintaining its 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,” he said.

ADNH Catering is the 8th offering and 23rd listing on the Abu Dhabi Securities Exchange this year.

“ADNH Catering brings immense value to our economy, offering investors access to a dynamic industry with strong growth potential, adding new vibrancy to the Abu Dhabi capital market. As the F&B sector in the UAE and region continues to expand due to evolving demographics and a thriving business community, ADNH Catering is well-placed to meet the ballooning demand and fulfil their growth strategies,” said Abdulla Salem Alnuaimi, group CEO of ADX.