ADNH Catering has completed the bookbuilding and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The company has set the final offer price for its ordinary shares at Dh0.96 per share, at the top of the previously announced offer price range.
ADNH is offering 900 million shares, representing 40% of ADNH Catering’s total issued share capital. The firm is expecting to raise Dh 864 million in gross proceeds from the offering, implying a market capitalisation of the group at a listing of Dh2.16 billion.
“We are delighted by the strong investor demand we have received for our IPO, which reflects the confidence that investors have in ADNH Catering’s investment proposition, strategy and trajectory,” Clive Cowley, CEO of ADNH Catering, said.
The IPO was multiple times oversubscribed across each of the first, second and third tranches, the company said, with substantial demand from both international and regional investors.
ADND Catering will begin trading on the ADX on Wednesday 23rd October 2024.
