ADNH Catering, a subsidiary of Abu Dhabi National Hotels, has successfully raised Dh864 million ($235 million) through its recent initial public offering (IPO), showcasing the robust investor interest in the UAE market. The shares were priced at Dh0.96 each, reaching the upper limit of the indicated range, which reflects a strong demand for listings in the region.

The IPO involved offering 900 million shares, representing 40% of ADNH Catering’s total capital, leading to a market valuation of Dh2.16 billion upon listing. The share sale was oversubscribed multiple times, indicating significant interest from both local and international investors. The subscription period ran from October 7 to October 14 for retail investors and opened for professional investors on October 15.Clive Cowley, CEO of ADNH Catering, expressed optimism about the overwhelming investor response, stating that it underscores confidence in the company’s strategy and growth trajectory. The shares are set to begin trading on the Abu Dhabi Securities Exchange (ADX) on October 23, pending final regulatory approvals.

This IPO marks a significant milestone for ADNH Catering as it aims to expand its operations in the UAE and Saudi Arabia, focusing on sustainable growth and innovation in the catering sector. The company currently operates approximately 160 on-site kitchens, serving over 260 clients across various sectors, including healthcare, defense, and education.

ADNH Catering joins a growing list of companies capitalizing on the IPO boom in the UAE, following notable listings such as NMDC Energy. As investor demand continues to rise amid strong economic growth in the region, ADNH Catering is well-positioned to leverage new opportunities and enhance its market presence.