White & Case advises ADNH Catering and Abu Dhabi National Hotels on ADX IPO

Global law firm White & Case LLP has advised ADNH Catering PLC, a leading food and support services provider in the UAE, and its sole shareholder, Abu Dhabi National Hotels Company PJSC (ADNH), on the listing of ADNH Catering on the Abu Dhabi Securities Exchange (ADX).

The initial public offering (IPO) was achieved via a sale of 900,000,000 shares by its sole shareholder ADNH (itself listed on the ADX).

The IPO was multiple times oversubscribed in aggregate. The shares were priced at AED 0.96 per share, at the top end of the price range, resulting in IPO proceeds of around AED 864 million (approximately US$235 million), and an implied market capitalization at listing of around AED 2.16 billion (approximately US$588 million). Citigroup and First Abu Dhabi Bank acted as joint global coordinators and Abu Dhabi Commercial Bank and Emirates NBD Capital acted as joint bookrunners on the IPO.

The IPO of ADNH Catering is the fifth UAE listing White & Case has advised on in 2024.

The White & Case team which advised on the transaction was led by partner Abdulwahid Alulama (Abu Dhabi & Dubai) and included local partner Roger Gaspard (Dubai) and associates Andrew Scott, Cassy Raby, Ahmad Bin Dalmook and Wassim El Mardini (all Dubai).

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