Dubai-headquartered Spinneys, the operator of Spinneys, Waitrose and Al Fair supermarkets in the UAE and Oman, has announced it will offer up a 25% stake via an initial public offering (IPO) on the Dubai Financial Market (DFM).
The IPO will open for subscription on April 23, with the listing scheduled for May 9; the company has revealed.
The IPO will offer 900,000,000 shares, each with a nominal value of Dh0.01, representing 25% of the company’s total issued share capital. The offer price has not yet been made public.
Retail investors in the IPO have been allocated 5% or 45 million shares in the first tranche, with each subscriber “guaranteed a minimum allocation of 2,000 shares”, the company said. The subscription period will open on April 23 and end on April 29 for retail investors.
The second tranche will see 855 million shares being allocated to professional investors and institutions. This subscription period will open on April, 30.
“Ours is a brand with huge ambition, positioned to flourish in the GCC’s most attractive and fast-growing markets,” said Ali Saeed Juma Al Bwardy, Founder and Chairman of Spinneys. “Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base.”
The Company operates 75 premium grocery retail supermarkets in the UAE and Oman and is expected to open its first store in Saudi Arabia in the first half of 2024. The company commands a 27% share of its target market in Dubai and a 12% share of its Dh23 billion target market in the UAE in 2022.
All shares offered in the public float are held by Al Seer Group.
Spinneys IPO will be the second DFM listing this year, following that of Dubai’s parking operator. Parkin’s IPO was oversubscribed 165 times, attracting $71 billion in demand.
