{"id":96909,"date":"2024-10-17T00:00:00","date_gmt":"2024-10-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnh-catering-raises-aed-864-mn-in-its-adx-ipo\/"},"modified":"2024-10-17T00:00:00","modified_gmt":"2024-10-17T00:00:00","slug":"adnh-catering-raises-aed-864-mn-in-its-adx-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/17\/adnh-catering-raises-aed-864-mn-in-its-adx-ipo\/","title":{"rendered":"ADNH Catering raises AED 864 mn in its ADX IPO"},"content":{"rendered":"

The IPO of a 40% stake in Abu Dhabi National Hotels\u2019<\/strong> ADNH Catering<\/a><\/strong> raised AED 864 mn <\/strong>in gross proceeds as bookbuilding came to a close yesterday, the company said in a statement (pdf)<\/a>. The offering was \u201cmultiple times\u201d oversubscribed, the bookrunners said as they priced ADNH Catering at AED 0.96 per share \u2014 the upper end of the AED 0.91-0.96 range<\/a> on which they had guided. <\/p>\n

That will give ADNH Catering a market cap of AED 2.16 bn at the start of trading<\/strong> on Wednesday, 23 October. <\/p>\n

Who\u2019s in?<\/strong> The offering attracted both international and regional investors. Bookrunnders didn\u2019t name cornerstone investors and didn\u2019t specify an oversubscription ratio.<\/p>\n

What\u2019s next?<\/strong> Retail investors in the first tranche will receive an SMS confirmation of their allocation on 21 October. You can check out the FAQ for the transaction here (pdf)<\/a> or the memorandum for the international offering here (pdf)<\/a>.<\/p>\n

REMEMBER- <\/strong>The company is currently looking into expanding into Saudi Arabia<\/a>, particularly Jeddah and Riyadh.<\/p>\n

ADVISORS- <\/strong> First Abu Dhabi Bank, Emirates NBD, Citigroup, and Abu Dhabi Commercial Bank (ADCB) acted as joint bookrunners, with Citigroup and FAB also acting as joint coordinators. FAB was also the lead receiving bank of the IPO, with Abu Dhabi Islamic Bank, ADCB, Emirates NBD, and Emirates Islamic Bank also acting as receiving banks. ADNH tapped BHM Capital as price stabilization manager.<\/p>\n","protected":false},"excerpt":{"rendered":"

The IPO\u2019s final price was set at AED 0.96 per share<\/p>\n","protected":false},"author":1,"featured_media":96910,"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":[402,7,477,1392,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-abu-dhabi-national-hotels-company","tag-enterpriseam-uae","tag-hospitality","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"852d8c48-db64-4d1c-a0cc-fe0379a4c10c","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/683.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADNH Catering raises AED 864 mn in its ADX IPO","related_issue":[96904],"teaser":"The IPO\u2019s final price was set at AED 0.96 per share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.ea1fc716-92f3-408e-8619-e59ffd81d1a4.mp3"},"yoast_head":"\nADNH Catering raises AED 864 mn in its ADX IPO - 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