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ADNH Catering taps banks for IPO: Abu Dhabi National Hotels (ADNH) has reportedly tapped Citigroup and First Abu Dhabi Bank to work on a planned initial public offering for its catering business ADNH Catering, Bloomberg reports, citing anonymous people with knowledge of the matter. The exact timing and size of the IPO were not disclosed, though sources said it could raise about USD 300-400 mn.
About ADNH Catering: The owner of 12 hotels in the UAE — including the Ritz Carlton and Park Hyatt in Abu Dhabi — also manages three other hotels, its website says. The catering unit is the country’s largest provider of food services, cleaning and support services, and manpower supply, according to its website. It serves hospitals, workplaces, universities and schools.
REMEMBER- The ADX could see a number of blockbuster IPOs this year: The exchange could see the Gulf’s first airline IPO, courtesy of Etihad Airways, which has already tapped advisors for the sale, alongside supermarket chain LuLu group. Edtech firm Alef Education is so far the ADX’s only IPO of the year, raising AED 1.89 bn — making it the biggest this year — but seeing a lackluster debut, with shares falling 18% on its first day of trading.
Over on the DFM, both construction firm Alec and hospitality group Five Holdings tapped advisors, and shisha producer Advanced Inhalation Rituals was said to be eyeing an IPO in 1H 2024, though we’ve heard nothing since. Amanat Holdings is looking to list either its education or healthcare unit, with reports that its healthcare unit could raise some USD 200 mn as soon as this year.
