Spinneys Opens First Branch in Riyadh
The new store is located in the La Strada Yard development in Al Nuzha district of Riyadh.
Spinneys has announced opened its first store in Saudi Arabia. The new store is located in the La Strada Yard development in Al Nuzha district of Riyadh, a hub for residential and commercial activities.[1]
Also, Spinneys has plans to expand in Jeddah as the company expects to open up to 12 new stores in Saudi Arabia by 2028.
Spinneys' tapping into the Saudi Arabian market aligns with the Kingdom's ongoing growth and diversification efforts, supported by government initiatives like Vision 2030.
Spinneys' online channel will launch in Saudi Arabia shortly after the opening of the La Strada Yard store.
On May 9th, Dubai Financial Market (DFM) witnessed the listing of Spinneys. Spinneys' IPO attracted interest from international and regional institutional investors, as well as retail investors in the UAE, garnering approximately AED 71 billion ($19.33 billion) in orders.
The offering was oversubscribed by 64 times, marking the highest level of demand and oversubscription for a non-government-related IPO on DFM in recent years. In response to this high demand, the UAE Retail Offering was increased from 5% to 7% of the total offered shares.
The final offer price was set at AED 1.53 ($0.42) per share, at the top end of the price range, raising approximately AED 1.38 billion ($380 million) and resulting in a market capitalization of AED 5.51 billion ($1.50 billion) upon admission to trading. The company now trades under the ticker symbol "SPINNEYS".
The Al Bwardy family owns Spinneys, which started out by opening its first store in 1961 and now runs 75 supermarkets under the Spinneys, Waitrose, and Al Fair brands.
Emirates NBD Capital, Bank of America Corp., and HSBC Holdings Plc spearhead the IPO as joint global coordinators, with Rothschild & Co. serving as the independent financial adviser.
This IPO marks the second listing on the DFM this year, following the debut of Parkin's $429 million IPO in March. Parkin oversees public parking operations in the emirate.