(MENAFN- Khaleej Times) UAE investors looking to buy shares in Spinneys' initial public offering (IPO) may start subscribing today, April 23 - with the price range set between Dh1.42 and Dh1.53 per share.
Nine hundred million shares - each with a nominal value of Dh0.01 - will be made available in the IPO, representing 25 per cent of the supermarket franchise's total issued share capital.
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With the set price range, Spinneys is eyeing a total IPO size of Dh1.278 billion to Dh1.377 billion.
The IPO subscription period is expected to close on Monday, April 29, for retail investors and on Tuesday, April 30, for professional investors. The final offer price will be determined through a book-building process and is expected to be announced on May 1.
“We have seen very strong interest in our IPO since announcing our intention to float, and we are delighted to be opening subscriptions to investors in the UAE and international markets," said Sunil Kumar, CEO of Spinneys.
"Ours is a business that offers continued growth with a strong track record built on the expansion of our store network, increasing online penetration, our differentiated private label offering, and a vertically integrated supply chain - combining to deliver strong profitability. Our future growth is expected to be further supported by our planned entry into the highly attractive Saudi market, as well as the introduction of new formats and the expansion of our e-commerce business."
Each subscriber in the first tranche will be guaranteed a minimum allocation of up to 2,000 shares.
The completion of the offering and admission is currently expected to take place on or around May 9, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on Dubai Financial Market.
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