{"id":93926,"date":"2024-07-17T00:00:00","date_gmt":"2024-07-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnh-taps-banks-for-catering-business-ipo\/"},"modified":"2024-07-17T00:00:00","modified_gmt":"2024-07-17T00:00:00","slug":"adnh-taps-banks-for-catering-business-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/07\/17\/adnh-taps-banks-for-catering-business-ipo\/","title":{"rendered":"ADNH taps banks for catering business IPO"},"content":{"rendered":"

ADNH Catering taps banks for IPO: <\/strong>Abu Dhabi National Hotels<\/a> (ADNH) has reportedly tapped Citigroup and First Abu Dhabi Bank to work on a planned initial public offering for its catering business ADNH Catering, Bloomberg<\/a> reports, citing anonymous people with knowledge of the matter. The exact timing and size of the IPO were not disclosed, though sources said it could raise about USD 300-400 mn. <\/p>\n

About ADNH Catering:<\/strong> The owner of 12 hotels in the UAE \u2014 including the Ritz Carlton and Park Hyatt in Abu Dhabi \u2014 also manages three other hotels, its website says. The catering unit is the country\u2019s largest provider of food services, cleaning and support services, and manpower supply, according to its <\/span>website<\/a>. It serves hospitals, workplaces, universities and schools.<\/span><\/p>\n

REMEMBER- The ADX could see a number of blockbuster IPOs this year: <\/strong>The exchange could see the Gulf\u2019s first airline IPO, courtesy of Etihad Airways<\/a>, which has already tapped advisors for the sale, alongside supermarket chain LuLu group<\/a>. Edtech firm Alef Education is so far the ADX\u2019s only IPO of the year, raising AED 1.89 bn<\/a> \u2014 making it the biggest this year \u2014 but seeing a lackluster debut, with shares falling 18% on its first day of trading.<\/p>\n

Over on the DFM, <\/strong>both construction firm Alec<\/a> and hospitality group Five Holdings<\/a> tapped advisors, and shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO<\/a> in 1H 2024, though we\u2019ve heard nothing since. Amanat Holdings is looking to list<\/a> either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company selected Citigroup and FAB to advise on the planned IPO<\/p>\n","protected":false},"author":1,"featured_media":93927,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[1360,402,7,477,1392,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93926","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-abu-dhabi","tag-abu-dhabi-national-hotels-company","tag-enterpriseam-uae","tag-hospitality","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"d9df0e48-1e89-46ab-a5e8-0f51812c4b64","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/857.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADNH taps banks for catering business IPO","related_issue":[93919],"teaser":"The company selected Citigroup and FAB to advise on the planned IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.f13a1894-7deb-4429-8a08-cd8c4e69d846.mp3"},"yoast_head":"\nADNH taps banks for catering business IPO - 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