Spinneys plans IPO on Dubai Financial Market amid regional IPO trend
Date
4/16/2024 4:23:16 AM
(MENAFN) Spinneys, known for its premium supermarkets across the UAE and Oman, has announced its intention to embark on an initial public offering (IPO) on the Dubai financial Market, seizing the momentum of the current IPO trend observed across regional exchanges.
The company plans to offer 900 million shares, equivalent to 25 percent of its issued share capital, as revealed in its statement on Tuesday.
The entirety of the shares offered in the IPO will be sourced from the holdings of Al Seer Group, the selling shareholder, with the possibility of adjusting the offering size at its discretion. This move marks a strategic decision by Spinneys to tap into the public markets and diversify its ownership structure.
The IPO will feature separate subscription tranches for retail and institutional investors. UAE investors will have the opportunity to participate in the retail tranche, while institutional investors will be able to engage through the qualified investors' offering. The subscription window for retail investors is slated to open from April 23 to April 29, with the deadline for professional investors set for April 30.
The determination of the final offer price will be facilitated through a book-building process, allowing for an accurate valuation of Spinneys' shares. Upon the conclusion of this process, Spinneys' shares are anticipated to commence trading on the Dubai Financial Market in May, marking a significant milestone in the company's corporate journey.
The firm is taking “another significant step in our journey”, founder and chairman of Spinneys, Ali Albwardy, stated.
“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.”
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