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UAE: ADNH Catering shares steady in early trade

The company set the final offer price for its ordinary shares at Dh0.96 per share

Published: Wed 23 Oct 2024, 10:30 AM

Updated: Wed 23 Oct 2024, 6:49 PM

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ADNH Catering, a leading food and support services provider in the UAE, shares hold steady within a few minutes of listing on the Abu Dhabi Securities Exchange on Wednesday. It was trading within one per cent range in the opening hour of the markets.

The Abu Dhabi-based company’s shares were trading at Dh0.961 per shares at 9.10am UAE time compared to its final offer price of Dh0.96 per share announced during the initial public offering (IPO).

ADNH Catering was the latest UAE company to launch initial public offering (IPO), raising Dh864 million earlier this month.

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It set the final offer price for its ordinary shares at Dh0.96 per share, pricing at the top of the previously announced offer price range.

The Abu Dhabi-based company sold 900 million shares in the offering, representing 40 per cent of total issued share capital. Its market capitalization stood at Dh2.16 billion at the time of listing.

The Abu Dhabi Securities Exchange also opened lower in early trade to 9,243.98 points, down 0.026 per cent.

Clive Cowley, chief executive officer of ADNH Catering, said earlier that the firm remains firmly committed to capitalizing on new opportunities in the UAE and Saudi Arabia, while maintaining its focus on excellence and innovation in the catering and support services sector. “As we look to the future, we warmly welcome our new shareholders and look forward to delivering both on our attractive dividend policy and our determined growth plans,” he said.

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