All shares being offered for sale through the public float are held by the company's parent ADNH, which also trades on the ADX. Victor Besa / The National
All shares being offered for sale through the public float are held by the company's parent ADNH, which also trades on the ADX. Victor Besa / The National
All shares being offered for sale through the public float are held by the company's parent ADNH, which also trades on the ADX. Victor Besa / The National
All shares being offered for sale through the public float are held by the company's parent ADNH, which also trades on the ADX. Victor Besa / The National

Business

Markets

ADNH Catering IPO: Company could raise up to $235m from ADX listing

It plans to announce final offer price on October 16 and start trading on October 23

Aarti Nagraj
Aarti Nagraj

October 07, 2024

  • English
  • Arabic

ADNH Catering, a unit of Abu Dhabi National Hotels, aims to raise up to Dh864 million ($235 million) from its initial public offering on the Abu Dhabi Securities Exchange this month amid rising investor demand for listings in the region.

The company has set the offer price range between Dh0.91 and Dh0.96 per share and plans to issue 900,000,000 shares, or 40 per cent of its total share capital. Its total market valuation upon listing will be between Dh2.05 billion and Dh2.16 billion, it said in a statement on Monday.

All shares being offered for sale through the public float are held by the company's parent ADNH, which also trades on the ADX.

The subscription period opens on October 7 and is expected to close on October 14 for UAE retail investors and eligible employees, and on October 15 for professional investors.

The company plans to announce the final offer price on October 16, with shares expected to start trading on the ADX on October 23.

ADNH Catering has approximately 160 on-site kitchens that serve more than 260 clients through 350 contracts. Photo: ADNH Catering
ADNH Catering has approximately 160 on-site kitchens that serve more than 260 clients through 350 contracts. Photo: ADNH Catering

ADNH Catering offers services including food preparation as well as general cleaning, housekeeping, pest control, and procurement in the UAE and Saudi Arabia. It operates across the health care, business and industry, defence, correctional, and education sectors and has approximately 160 on-site kitchens that serve more than 260 clients through 350 contracts. It delivers more than 11 million meals a month.

“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,” said Clive Cowley, chief executive of ADNH Catering.

The company, which currently operates in Saudi Arabia through a joint venture with Compass Group and Al Rushaid Petroleum Investment Company, plans to expand its business in the kingdom by about 10 per cent annually, Mr Cowley told The National last week.

ADNH Catering controls 30 per cent of the joint venture and is in talks with Saudi partners to increase its equity holding in the company.

“We're confident that we can improve our shareholding in that business, but also grow the business significantly,” Mr Cowley said at the time, adding that it is “premature” to say what will be the Abu Dhabi company's eventual stake in the Saudi joint venture.

“We have been in discussion for some time … [and] certainly all the discussions are positive”.

It is also open to acquiring stakes in smaller “complementary businesses” in the UAE to further expand its food and services business in country, Mr Cowley added.

ADNH Catering is the latest company seeking to capitalise on the IPO boom in the UAE driven by growing investor demand amid strong economic growth.

It follows the listing of NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, which began trading on the ADX last month after closing the biggest IPO in the Emirates this year.

The float, which was oversubscribed by more than 31 times, raised Dh3.22 billion through the sale of 23 per cent of the company's total share capital.

ADNH Catering is being advised by Citigroup, First Abu Dhabi Bank, Emirates NBD Capital and Abu Dhabi Commercial Bank for the IPO. FAB will serve as the lead receiving bank, while ADCB, Abu Dhabi Islamic Bank, ENBD and Emirates Islamic Bank have been appointed as receiving banks.

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  • ONCE UPON A TIME… IN HOLLYWOOD - David Heyman, Shannon McIntosh, Quentin Tarantino
  • PARASITE - Bong Joon-ho, Kwak Sin-ae

DIRECTOR

  • 1917 - Sam Mendes
  • THE IRISHMAN - Martin Scorsese
  • JOKER - Todd Phillips
  • ONCE UPON A TIME… IN HOLLYWOOD - Quentin Tarantino
  • PARASITE - Bong Joon-ho

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  • FOR SAMA - Waad al-Kateab, Edward Watts
  • ROCKETMAN - Dexter Fletcher, Adam Bohling, David Furnish, David Reid, Matthew Vaughn, Lee Hall
  • SORRY WE MISSED YOU  - Ken Loach, Rebecca O’Brien, Paul Laverty
  • THE TWO POPES - Fernando Meirelles, Jonathan Eirich, Dan Lin, Tracey Seaward, Anthony McCarten

FILM NOT IN THE ENGLISH LANGUAGE

  • THE FAREWELL - Lulu Wang, Daniele Melia
  • FOR SAMA - Waad al-Kateab, Edward Watts
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LEADING ACTRESS

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  • SCARLETT JOHANSSON - Marriage Story
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LEADING ACTOR

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SUPPORTING ACTOR

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ORIGINAL SCREENPLAY

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  • KNIVES OUT - Rian Johnson
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OUTSTANDING DEBUT BY A BRITISH WRITER, DIRECTOR OR PRODUCER

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  • FOR SAMA - Waad al-Kateab (Director/Producer), Edward Watts (Director)
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  • ONLY YOU - Harry Wootliff (Writer/Director)
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ANIMATED FILM

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EE RISING STAR AWARD (voted for by the public)

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CINEMATOGRAPHY

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  • JOKER - Lawrence Sher
  • LE MANS ’66 - Phedon Papamichael
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EDITING

  • THE IRISHMAN - Thelma Schoonmaker
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  • JOKER - Jeff Groth
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COSTUME DESIGN

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  • JUDY - Jany Temime
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PRODUCTION DESIGN

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SOUND

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  • LE MANS ’66 - David Giammarco, Paul Massey, Steven A. Morrow, Donald Sylvester
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SPECIAL VISUAL EFFECTS

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MAKE UP & HAIR

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BRITISH SHORT ANIMATION

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The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

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The specs: 2018 Maxus T60

Price, base / as tested: Dh48,000

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Power: 136hp @ 1,600rpm

Torque: 360Nm @ 1,600 rpm

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1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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