ABU DHABI (WAM)
The Abu Dhabi Securities Exchange (ADX), one of the fastest-growing stock exchanges in the world, announced on Wednesday the listing of ADNH Catering plc, a leading food and support services provider operating in the UAE.
ADNH Catering joins ADX after a successful IPO, with its shareholder, Abu Dhabi National Hotels Company, raising Dh864 million ($235 million) from the sale of 900 million offer shares, representing 40 percent of ADNH Catering’s total issued share capital.
The offering attracted very strong demand from both international and regional investors, being oversubscribed more than 15 times and attracting over Dh13 billion in demand.
With the final offer price set at the top of the announced price range at Dh0.96 per share, the listing reinforces ADNH Catering’s position as an established market leader in food and support services, catering to critical sectors including healthcare, education, defence, and business and industry across the region.
The successful listing reflects the Company’s strong market position, built on its established operations across key sectors in the UAE and Saudi Arabia.
As of June 30, 2024, ADNH Catering operated approximately 160 on-site kitchens and delivered about 11 million meals per month, serving 262 clients in the year ended September 30, 2023.
Its presence in Saudi Arabia is set to expand further, with planned growth in Riyadh, Jeddah, and the Eastern region.
Group Chief Executive Officer of ADX, Abdulla Salem Alnuaimi, said, “We congratulate ADNH Catering on their successful listing and welcome the Company to the ADX family. As a leader in the food and support services sector, ADNH Catering brings immense value to our economy, offering investors access to a dynamic industry with strong growth potential, adding new vibrancy to the Abu Dhabi capital market. As the F&B sector in the UAE and the region continues to expand due to evolving demographics and a thriving business community, ADNH Catering is well-placed to meet the ballooning demand and fulfil its growth strategies. We look forward to their continuing success and developments on ADX.”
Abu Dhabi National Hotels, the parent company of ADNH Catering, has been listed on ADX since January 15, 2001, witnessing significant growth of 360 percent in its market capitalisation up to the end of Q3 2024.
Chief Executive Officer of ADNH Catering, Clive Cowley, said, “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. As we embark on this new chapter, we remain focused on expanding our operations in the UAE and Saudi Arabia. Our commitment to excellence and innovation in the catering and support services sector will continue to guide us. As we welcome our new shareholders, we are grateful to ADX for welcoming us to Abu Dhabi’s increasingly deep and diverse capital market.”