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
Canada intel boss flagged 'Pak role' in 'extremism'
Liam Payne dies aged 31 after One Direction star falls from third floor of hotel
Luke Littler 'signs major TV deal' as darts star set to join Freddie Flintoff on screen
Tennis news: Carlos Alcaraz pairs up with Roger Federer as Rafa Nadal eyes new job
Had no proof, only intel when we first accused India: Justin Trudeau
Nikita Mazepin speaks out on potential F1 return after driver's sanctions were removed
ROYAL FAMILY RECAP: Prince Harry and Meghan's triple 'snub' shows 'tide is turning'
Erik ten Hag has huge injury list as Manchester United problems continue to mount
Raphael Varane played final 11 years of career 'on one knee' - including at Man Utd
Alia Bhatt Lauds Kriti Sanon, Kajol Starrer Do Patti Trailer, Don't Miss TBMAUJ Actress' Reaction
Fire At Recycling Facility Near Rogers Airport Prompts Warning, Videos Surface Of Massive Smoke | WATCH
Railways told to pay Rs 4.7 lakh to passenger for bag theft
Bikers gun down TMC man in Bengal
Christopher Biggins fumes he's left with 'cheques for 15p' after shows are sold off
Baba Siddique Murder Case: Investigating The Real Estate Nexus With Underworld Ties
Black magic on snake-bitten man in MP hospital
Ant McPartlin takes a dig at BGT judge Bruno Tonioli after new judge KSI makes debut
'Custodial Interrogation Needed To Advocate Who Forged High Court Orders': Bombay HC
Thomas Tuchel explains his exciting England tactics - 'What English football is all about!'
Dog's Halloween-inspired transformation sparks outrage online