emirates7 - ADNH Catering has successfully completed the bookbuilding and public subscription phases of its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The company announced that the Final Offer Price for its ordinary shares has been set at AED 0.96 per share, which is at the upper end of the previously disclosed price range.
In a press release issued on Wednesday, ADNH Catering stated that it offered 900 million shares, representing 40% of its total issued share capital. This IPO has raised gross proceeds of AED 864 million, resulting in a market capitalization of AED 2.16 billion at the time of listing.
The IPO experienced strong interest, being oversubscribed multiple times across all three tranches, with significant demand from both international and regional investors.
The shares are expected to be admitted for trading on the ADX on Wednesday, October 23, 2024.
Clive Cowley, Chief Executive Officer of ADNH Catering, expressed satisfaction with the robust investor demand for the IPO, noting it reflects the confidence investors have in the company's investment strategy and growth potential.
Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC have been designated as Joint Global Coordinators and Joint Bookrunners for the IPO. Additionally, Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC have been appointed as Joint Bookrunners, while First Abu Dhabi Bank PJSC serves as the Lead Receiving Bank. Other banks involved as Receiving Banks include Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Emirates NBD Bank PJSC, and Emirates Islamic Bank PJSC.
The company announced that the Final Offer Price for its ordinary shares has been set at AED 0.96 per share, which is at the upper end of the previously disclosed price range.
In a press release issued on Wednesday, ADNH Catering stated that it offered 900 million shares, representing 40% of its total issued share capital. This IPO has raised gross proceeds of AED 864 million, resulting in a market capitalization of AED 2.16 billion at the time of listing.
The IPO experienced strong interest, being oversubscribed multiple times across all three tranches, with significant demand from both international and regional investors.
The shares are expected to be admitted for trading on the ADX on Wednesday, October 23, 2024.
Clive Cowley, Chief Executive Officer of ADNH Catering, expressed satisfaction with the robust investor demand for the IPO, noting it reflects the confidence investors have in the company's investment strategy and growth potential.
Citigroup Global Markets Limited and First Abu Dhabi Bank PJSC have been designated as Joint Global Coordinators and Joint Bookrunners for the IPO. Additionally, Emirates NBD Capital PSC and Abu Dhabi Commercial Bank PJSC have been appointed as Joint Bookrunners, while First Abu Dhabi Bank PJSC serves as the Lead Receiving Bank. Other banks involved as Receiving Banks include Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Emirates NBD Bank PJSC, and Emirates Islamic Bank PJSC.