Dubai's Spinneys Expands IPO Retail Offering
Despite the adjustment, the total offering remains at 900 million shares, representing a 25% stake in the company.
Due to strong investor demand, Dubai's supermarket chain operator, Spinneys, has announced an increase in the size of its retail offering for its upcoming IPO. [1]
The UAE retail offering has surged from 45 million shares to 63 million shares, now constituting 7% of the total offer, up from the initial 5%.
Despite the adjustment, the total offering remains at 900 million shares, representing a 25% stake in the company.
Qualified investors will now be allocated 837 million shares, down from 855 million, reflecting 93% of the total compared to the previously stated 95%.
Additionally, Spinneys and selling shareholder Al Seer Group LLC have appointed BHM Capital Financial Services PJSC as the stabilization manager, increasing the number of stabilization shares from 45 million to 63 million.
The offer price range has been set between AED1.42 ($0.39) and AED1.53 ($0.42) per share, implying a market capitalization upon listing ranging from AED 5.11 billion ($1.39 billion) to AED 5.51 billion ($1.50 billion).