ABU DHABI: Abu Dhabi National Hotels plans to list its catering arm, adding to the growing number of initial public offerings (IPOs) in the Middle East.
The owner of hotels, including the Ritz-Carlton and Park Hyatt in Abu Dhabi, plans to offer 900 million shares – representing 40% of ADNH Catering’s share capital – in the IPO, which opens on Oct 7.
The price range will be announced on the same day and the offer price will determined through a book building process, the company said in a statement.
The share sale could raise about US$300mil to US$400mil, Bloomberg News reported earlier.
The Middle East has seen a flurry of share sale announcements over the past months, including from an exploration and production unit in Oman. — Bloomberg
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