UAE’s ADNH Catering sets IPO price at Dh0.96/share, raising Dh864m
Emirates IPO oversubscribed, with ADNH targeting growth in Dubai, Northern Emirates, and Saudi Arabia
UAE’s ADNH Catering Confirms IPO at Dh0.96/Share, Raising Dh864 Million
DUBAI: ADNH Catering’s latest IPO in the UAE has been priced at Dh0.96 per share, at the high end of the range offered when the subscription begins on October 7. The Abu Dhabi company raised gross revenue. 864 million Dhs for a 40% stake
The company had earlier set an IPO price range of Dh0.91-Dh0.96 per share.
The ADX launch is scheduled for October 23rd. ADNH Catering has nearly 30% market share in the UAE, operates two central kitchen facilities in Abu Dhabi and Dubai and has long-term contracts with leading government agencies in Abu Dhabi. It will be gunning for more projects in Dubai and Northern Emirates. Furthermore, a reputable joint venture exists in Saudi Arabia.
By 2025, the corporation plans to provide Dhs 180 million in dividends. “We are committed to capitalizing on new opportunities in the UAE and Saudi Arabia, while focusing on excellence and innovation in the catering and support services industry,” stated Clive Cowley, CEO.
The IPO was split into 3 tranches, and each was oversubscribed. Apart from retail and corporate customers, a percentage is also allocated to eligible employees.
ADNH Catering was the first UAE IPO in the final quarter of 2024, and now that investors have already prioritized coming their way, Lulu Group is the biggest attraction. There is a buzz around the delivery service company Talabat.
