UAE's Spinneys Plans 25% IPO Stake Float in May
The pricing mechanism will be determined via a book-building process.
Dubai-based supermarket chain Spinneys Holding has unveiled plans for its initial public offering (IPO) on the Dubai Financial Market (DFM).[1]
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Spinneys Dubai LLC, a franchisee of the renowned brand, is set to float 900 million shares, equivalent to up to 25% stake, through the IPO.
The pricing mechanism will be determined via a book-building process slated to commence on April 23rd and conclude on April 29th for UAE retail investors and other stakeholders. Professional investors will have until April 30th to participate. The listing is slated for May 9th.
The IPO sees Emirates NBD Capital, Merrill Lynch International, and HSBC Bank Middle East Limited taking the helm as joint global coordinators and joint bookrunners. Additionally, EFG Hermes UAE Limited has been named a joint bookrunner for the IPO.
Additionally, Rothschild & Co Middle East Limited will serve as an independent financial adviser.
Retail investors have been allocated 5% of the IPO shares in the first tranche, totaling 45 million shares, with each subscriber guaranteed a minimum allocation of 2,000 shares. In the subsequent tranche, professional investors and institutions will vie for the remaining 855 million shares.
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.
This IPO marks the second listing on the DFM this year, following the debut of Parkin's $429 million IPO last month. Parkin oversees public parking operations in the emirate.