Abu Dhabi National Hotels Co’s subsidiary, ADNH Catering, has announced its plans to list 40% of its issued share capital on the Abu Dhabi Securities Exchange (ADX).
The company plans to issue 900 million shares with a nominal value of Dh 0.10 a share.
Subscriptions for the company’s initial public offering (IPO) will open on October 7, ADNH Catering has said, which is when the offer price will be confirmed. The closing date will be October 15.
The IPO is set to have three dedicated tranches, with as much as 10% of the share offering being made available for allocation to existing shareholders of ADNH Group.
ADNH’s listing could be the third IPO in Abu Dhabi this year, after those of NMDC Energy, which raised $877 million and Alef Education Holding Plc. which raised $515 million.
The shares will be admitted to trading on ADX in October 2024. Following the listing, the company has expressed its intention to distribute cash dividends of Dh60 million ($16.3 million) in April 2025.
