ADNH Catering, a prominent food and support services provider in the UAE, saw its shares remain stable shortly after listing on the Abu Dhabi Securities Exchange on Wednesday. The shares traded within a one percent range during the initial hour of market activity. By 9:10 AM UAE time, the Abu Dhabi-based company's shares were trading at Dh0.961 per share, slightly above the final offer price of Dh0.96 per share set during the initial public offering (IPO).
ADNH Catering recently joined the ranks of UAE companies launching an IPO, raising Dh864 million earlier this month. The company finalized the offer price for its ordinary shares at Dh0.96 per share, aligning with the upper end of the previously announced price range. In the offering, ADNH Catering sold 900 million shares, representing 40 percent of its total issued share capital. At the time of listing, the company's market capitalization stood at Dh2.16 billion.
Meanwhile, the Abu Dhabi Securities Exchange opened lower in early trading, reaching 9,243.98 points, a decline of 0.026 percent. Clive Cowley, CEO of ADNH Catering, expressed the company's commitment to seizing new opportunities in the UAE and Saudi Arabia while continuing to prioritize excellence and innovation in the catering and support services sector. "As we look ahead, we warmly welcome our new shareholders and are eager to deliver on both our attractive dividend policy and our ambitious growth plans," he stated.
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