Dubai-headquartered Spinneys, the operator of Spinneys, Waitrose and Al Fair supermarkets in the UAE and Oman, has announced an increase in the number of shares allocated to the retail offering of its initial public offering (IPO).
The public offering to subscribers in the first tranche has been increased from 45 million shares to 63 million shares, equivalent to 7% of the total offer shares.
The company had previously allocated 5% of the offer shares to retail investors but decided to increase it following significant investor demand from the first tranche subscribers. The total size of the offering remains unchanged, Spinneys said.
Spinneys announced in April its intention to offer up a 25% stake via an IPO on the Dubai Financial Market (DFM). The IPO will offer 900 million shares, each with a nominal value of Dh0.01, representing 25% of the company’s total issued share capital.
To accommodate the increased allocation of the UAE retail offering, the number of shares allocated to professional investors has been reduced from 855,000,000 Shares to 837,000,000 shares, equivalent to 93% of the total offer shares.
Spinneys has set the IPO price range at Dh1.42 to Dh1.53. The price range values the company at Dh5.1 billion to Dh5.5 billion.
The subscription period closed on April, 29, for the UAE retail investors, and will close today, April, 30, for professional investors.
Spinneys is expected to commence trading on the DFM on May 9, 2024.
