Markets Abu Dhabi National Hotels hires banks for catering unit IPO By Pramod Kumar July 17, 2024, 6:32 AM Abu Dhabi National Hotels A view of Park Hyatt Abu Dhabi hotel and villas. Abu Dhabi National Hotels has invested AED100m in rebranding five hotels in Dubai Abu Dhabi National Hotels, which trades on the Abu Dhabi stock exchange, has appointed banks to work on the initial public offering of its catering business, according to a news report. Citigroup and First Abu Dhabi Bank will oversee on the flotation of ADNH Catering, raising between $300 million and $400 million, Bloomberg reported, citing informed sources. NewsletterGet the Best of AGBI delivered straight to your inbox every week The offering size and listing timing are not confirmed, the report said. ADNH Catering is the UAE’s “largest provider of food services, cleaning and support services, and manpower supply”, says the company website. Hotel franchising model takes off in the Gulf Gulf IPOs: what companies must do to go public Stock prices of Gulf companies surge after IPOs Abu Dhabi National Hotels’ total revenue increased 12 percent year on year to AED1.63 billion in 2023. Net profit rose 2 percent annually to AED422 million, with the group investing AED100 million in rebranding five hotels in Dubai. The company owns 12 hotels in the UAE.