ADNH Catering plc has revealed more details about its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The company has set its share price range between Dh0.91 and Dh0.96, aiming for a market capitalization of Dh2.05 billion to Dh2.16 billion upon listing.
All shares offered are currently held by Abu Dhabi National Hotels Company, a semi-government hospitality group in Abu Dhabi. ADNH is offering 900 million shares, representing 40% of ADNH Catering’s total issued share capital.
The subscription period begins today and will close on October 14, 2024, for the UAE Retail and Eligible Employee Offerings, and on October 15, 2024, for Qualified Investors.
Additionally, up to 10% of the offered shares will be prioritised for existing ADNH Group shareholders applying in the specified tranches.
The final offer price will be determined through book building and announced on October 16, 2024. Trading on ADX is expected to commence on October 23, 2024.
