{"id":96574,"date":"2024-10-08T00:00:00","date_gmt":"2024-10-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnh-caterings-ipo-could-raise-as-much-as-aed-864-mn\/"},"modified":"2024-10-08T00:00:00","modified_gmt":"2024-10-08T00:00:00","slug":"adnh-caterings-ipo-could-raise-as-much-as-aed-864-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/08\/adnh-caterings-ipo-could-raise-as-much-as-aed-864-mn\/","title":{"rendered":"ADNH Catering\u2019s IPO could raise as much as AED 864 mn"},"content":{"rendered":"

ADNH Catering sets IPO range as bookbuilding kicks off: <\/strong>Abu Dhabi National<\/a>Hotels<\/a> \u2019 (ADNH) catering business, ADNH Catering, has set an indicative price range of AED 0.91-0.96 per share for its IPO, valuing the company at up to AED 2.16 bn, it said in a statement (pdf)<\/a> yesterday. The share sale could see ADNH Catering raise somewhere between AED 819 mn and AED 864 mn. The final share price will be announced next Wednesday, 16 October.<\/p>\n

ICYMI- <\/strong>ADNH is offering up to a 40% stake (900 mn shares)<\/a> in an IPO on the ADX for ADNH Catering, with up to 10% of the company\u2019s shares offered on a preferential basis to existing shareholders who subscribe to the offering. This is set to be Abu Dhabi's fourth IPO of the year, following the successful IPOs of NMDC Energy, which raised AED 3.22 bn<\/a>, edtech firm Alef Education, which raised AED 1.89 bn<\/a>, and Agility Global, which, quadrupled<\/a> on its debut.<\/p>\n

The retail subscription period kicked off yesterday<\/strong>, and is open until next Monday, 14 October, while the subscription period for institutional investors wraps on Tuesday, 15 October. Shares are expected to begin trading on 23 October, according to the prospectus.<\/p>\n

REMEMBER- The company is looking to tap into the KSA market<\/strong>, especially the \u201cEastern region,\u201d including Jeddah and Riyadh, where the company is expanding operations, CEO Clive Cowley said in the statement. ADNH Catering currently operates in the Kingdom via its JV with Compass Group, ADNH Compass, in which it bought out the remaining stake for AED 227 mn back in March<\/a>.<\/p>\n

ADVISORS-<\/strong> First Abu Dhabi Bank<\/a>, Emirates NBD Capital<\/a>, Citigroup, and Abu Dhabi Commercial Bank<\/a> (ADCB) are acting as joint bookrunners, with Citigroup and FAB also acting as joint coordinators. FAB is also the listing advisor and lead receiving bank of the IPO, with Abu Dhabi Islamic Bank<\/a>, ADCB, Emirates NBD, and Emirates Islamic Bank<\/a> acting as receiving banks. ADNH tapped<\/a><\/a> BHM Capital as price stabilization manager for the shares of ADNH Catering.<\/p>\n

REMEMBER- There\u2019s more in the ADX pipeline:<\/strong><\/p>\n