The shares of ADNH Catering have been listed in the Abu Dhabi Securities Exchange (ADX) under the trading symbol (ADNHC).
ADNH Catering joins the stock exchange following its initial public offering (IPO), in which its shareholder, Abu Dhabi National Hotels Company raised Dh864 million ($235 million) from the sale of 900 million offer shares, representing 40% of ADNH Catering’s total issued share capital.
Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said, “We congratulate ADNH Catering on their successful listing and welcome the Company to the ADX family.”
Clive Cowley, Chief Executive Officer of ADNH Catering, added, “Our successful listing on ADX not only demonstrates the strong investor support we have seen for our equity story and our attractive dividend profile but underscores our commitment to delivering long-term value for all stakeholders.”
The company’s share price shall be floated for three trading sessions starting from the listing date to ensure that the price is not subject to the permitted daily rise and fall limits (15% highest and 10% lowest) during these three sessions.
The reference price of the company’s shares has been set as the same as the final offering price for the public subscription which was Dh0.96.
On the first day of trading, the company’s shares closed flat to the issue price (DH0.96), briefly touching Dh0.97 before gradually falling to a low of Dh0.94.
