ADNH Catering plc today announced the price range for the sale of its shares and the start of the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
In a press release on Monday, the company said that the offer price range had been set between AED0.91 and AED0.96 per Share, implying a market capitalisation at the time of listing of between AED2.05 billion (c. $557 million) and AED2.16 billion (c. $588 million).
Abu Dhabi National Hotels Company will make available in the Offering a part of its shareholding in ADNH Catering comprised of 900,000,000 Shares with a nominal value of AED0.10 each, representing 40% of ADNH Catering’s total issued share capital.
The subscription period started today and is expected to close on Monday, 14th October 2024, for the UAE Retail Offering and Eligible Employee Offering and on Tuesday, 15th October 2024, for the Qualified Investor Offering.
The final offer price will be determined through a book building process and is expected to be announced on Wednesday, 16th October 2024.
Admission of the Shares to trading on ADX is expected to take place on Wednesday, 23rd October 2024.
All the Offer Shares are existing shares held by Abu Dhabi National Hotels Company, a comprehensive semi-government hospitality group in Abu Dhabi, as the selling shareholder, who reserves the right to amend the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (SCA).
Clive Cowley, Chief Executive Officer of ADNH Catering, said, “We are excited to announce the start of the book building process for our IPO, a significant milestone for our company as our shareholder offers a 40% stake to local and international investors seeking to participate in the growth of a leading regional player.
With exposure to high-growth sectors such as healthcare and education, and an expanding geographic footprint in Abu Dhabi and Dubai, we also see significant potential in Saudi Arabia, especially in the Eastern Region, Jeddah, and Riyadh, where we are already making excellent progress on expanding our operations.”
In connection with the Offering, the Company and the Selling Shareholder have appointed BHM Capital Financial Services PSC, who may, to the extent permitted by applicable law, and for stabilisation purposes, effect stabilising transactions to support the market price of the Shares in each case at a higher level than that which might otherwise prevail in the open market and at a price at or below the Final Offer Price.
Up to 10% of the Offer Shares will be made available for allocation to existing shareholders of ADNH Group who apply in either the First Tranche or the Second Tranche only in priority to other applicants.
Source: Wam.ae
