Abu Dhabi Securities Exchange (ADX) Welcomes the Listing of ADNH Catering

The Abu Dhabi Securities Exchange (ADX), one of the fastest-growing stock exchanges in the world, announced today the listing of ADNH Catering plc (“ADNH Catering” or the “Company”), a leading food and support services provider operating in the UAE.

ADNH Catering joins ADX after a successful IPO, with its shareholder, Abu Dhabi National Hotels Company, raising AED 864 million ($235 million) from the sale of 900 million offer shares, representing 40% of ADNH Catering’s total issued share capital. The Offering attracted strong demand from both international and regional investors, being oversubscribed more than 15 times and attracting more than AED 13 billion in demand. With the final offer price set at the top of the announced price range, at AED 0.96 per share, the listing reinforces ADNH Catering’s position as an established market leader in food and support services, catering to critical sectors including healthcare, education, defense and business and industry across the region. 

The successful listing reflects the Company’s strong market position, built on its established operations across key sectors in the UAE and Saudi Arabia. As of 30 June 2024, ADNH Catering operated c.160 on-site kitchens and delivered c.11 million meals per month serving 262 clients in the year ended 30 September 2023. Its presence in Saudi Arabia is set to expand further, with planned growth in Riyadh, Jeddah and the East.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said: "We congratulate ADNH Catering on their successful listing and welcome the Company to the ADX family. As a leader in the food and support services sector, ADNH Catering brings immense value to our economy, offering investors access to a dynamic industry with strong growth potential and adding new vibrancy to the Abu Dhabi capital market. As the F&B sector in the UAE and region continues to expand due to evolving demographics and a thriving business community, ADNH Catering is well-placed to meet the ballooning demand and fulfil their growth strategies.  We look forward to their continuing success and developments on ADX." 

Abu Dhabi National Hotels, the parent company of ADNH Catering, has been listed on ADX since 15 January 2001, and has since then experienced significant growth of 360% in its market capitalization up to the end of Q3 2024.  

Clive Cowley, Chief Executive Officer of ADNH Catering, said: “Our successful listing on ADX not only demonstrates the strong investor support that we have seen for our equity story and our attractive dividend profile, but underscores our own commitment to delivering long-term value for all stakeholders. As we embark on this new chapter, we remain focused on expanding our operations in the UAE and Saudi Arabia, and our commitment to excellence and innovation in the catering and support services sector will continue to guide us. As we welcome our new shareholders, we are grateful to ADX for welcoming us to Abu Dhabi’s increasingly deep and diverse capital market.” 

The listing of ADNH Catering reinforces the role of Abu Dhabi’s financial market as the preferred platform for companies pursuing growth opportunities in the UAE and beyond. It also reinforces the trust that listed companies have in ADX’s strong infrastructure and the exchange’s commitment to meeting the evolving needs of investors by providing diverse investment opportunities.