{"id":97145,"date":"2024-10-24T00:00:00","date_gmt":"2024-10-24T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/adnh-caterings-shares-flat-on-adx-debut\/"},"modified":"2024-10-24T00:00:00","modified_gmt":"2024-10-24T00:00:00","slug":"adnh-caterings-shares-flat-on-adx-debut","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/24\/adnh-caterings-shares-flat-on-adx-debut\/","title":{"rendered":"ADNH Catering\u2019s shares flat on ADX debut"},"content":{"rendered":"

Abu Dhabi National Hotels\u2019 (ADNH) <\/strong>catering <\/strong>arm ADNH Catering had an underwhelming start on the ADX<\/strong>, briefly rising 0.1% before settling back to its listing price of AED 0.96 within 30 minutes of trading. Demand was muted, with only 16.5k shares trading against a supply of approximately 194k, Asharq Business<\/a> reports. ADNH Catering\u2019s shares ended the trading session unchanged. <\/p>\n

REFRESHER- <\/strong>ADNH Catering raised AED 864 mn<\/a> after taking a 40% stake to the market and pricing it at the upper end of the AED 0.91-0.96 range<\/a> on which it had guided. The offering was \u201cmultiple times\u201d oversubscribed, giving the company a market cap of AED 2.2 bn.<\/p>\n

What\u2019s next? <\/strong>The company\u2019s next chapter will focus on \u201cexpanding [ADNH Catering\u2019s] operations in the UAE and Saudi Arabia,\u201d CEO Clive Cowley said in a statement<\/a>. ADNH Catering previously expressed interest<\/a> in expanding in the KSA\u2019s \u201cEastern region,\u201d including Jeddah and Riyadh, where the company currently operates 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

ADNH Catering had it slightly better than Alef:<\/strong> Abu Dhabi-based edtech firm Alef Education also had a rough start, with shares falling 18%<\/a> on its first day of trading. Alef\u2019s shares were trading at AED 1.18 at market close yesterday \u2014 down 12.6% YTD. The edtech firm raised AED 1.89 bn<\/a> from its share sale.<\/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":"

ADNH Catering raised AED 864 mn in its share sale<\/p>\n","protected":false},"author":1,"featured_media":97146,"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":[402,74,7,477,1392,149],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-abu-dhabi-national-hotels-company","tag-adx","tag-enterpriseam-uae","tag-hospitality","tag-ipo","tag-ipo-watch","wpautop","entry"],"acf":{"mongo_id":"c2afda45-9b07-404a-a670-19d1767f6bf7","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2141.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ADNH Catering\u2019s shares flat on ADX debut","related_issue":[97140],"teaser":"ADNH Catering raised AED 864 mn in its share sale","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.e09b211c-6d4c-475f-8327-7bca95d1b2eb.mp3"},"yoast_head":"\nADNH Catering\u2019s shares flat on ADX debut - 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