Abu Dhabi National Hotels aims to raise $300 million to $400 million from the IPO of its catering unit.
mentionedBloomberg Agency,Quoting informed sources, the companyAbu Dhabi National HotelsIt has chosen banks for a planned initial public offering of its catering unit, joining a crowded series of new share sales in the Middle East capital.
The owner of hotels including the Ritz-Carlton and Park Hyatt in Abu Dhabi has tapped Citigroup Inc. and First Abu Dhabi Bank PJSC to work on the listing of ADNH Catering, said the people, who asked not to be identified because the information isn’t public. The share sale could raise between $300 million and $400 million, one of the people said.
Details of the offer, such as size and timing, are still preliminary and subject to change, the sources said.
Representatives for First Abu Dhabi Bank and Citi declined to comment. Abu Dhabi National Hotels did not respond to requests for comment.
