UAE – The Abu Dhabi Securities Exchange (ADX) has announced the listing of ADNH Catering Plc, the catering unit of leading hospitality company ADNH (Abu Dhabi National Hotels).
The IPO raised AED 864 million (US$235 million) from the sale of 900 million shares, accounting for 40% of the company’s total issued share capital.
The offering garnered significant interest from both international and regional investors, resulting in oversubscription by more than 15 times and total demand exceeding AED 13 billion (US$3.5 billion).
With the final offer price set at the upper limit of the announced range at AED 0.96 (US$0.26) per share, this listing solidifies ADNH Catering’s status as a leading player in the food services sector, catering to vital industries such as healthcare, education, defense, and business.
The successful listing highlights the company’s robust market presence, supported by established operations in key sectors within the UAE and Saudi Arabia.
As of June 30, 2024, ADNH Catering operated around 160 on-site kitchens and provided approximately 11 million meals each month, serving 262 clients for the year ending September 30, 2023.
The company plans to further expand its presence in Saudi Arabia, with growth initiatives in Riyadh, Jeddah, and the Eastern region.
Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said, “We congratulate ADNH Catering on their successful listing and welcome the Company to the ADX family.”
“As a leader in the food and support services sector, 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.”
Abu Dhabi National Hotels (ADNH), the parent company of ADNH Catering, has been listed on ADX since January 15, 2001, and has experienced a remarkable growth of 360% in its market capitalization up to the end of the third quarter of 2024.
Clive Cowley, Chief Executive Officer of ADNH Catering, stated that as the company enters this new phase, it will continue to focus on expanding operations in the UAE and Saudi Arabia, guided by a commitment to excellence and innovation in the catering and support services sector.
He expressed gratitude to ADX for welcoming the company into Abu Dhabi’s expanding and diverse capital market.
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