UAE investors seeking to purchase shares in Spinneys’ initial public offering (IPO) may commence subscribing today, April 23, with the share price ranging between AED 1.42 and AED 1.53 per share.
Nine hundred million shares, each valued at AED 0.01, will be accessible in the IPO, representing 25% of the supermarket franchise’s overall issued share capital.
With the stipulated price range, Spinneys aims for an IPO size ranging from AED 1.278B to AED 1.377B.
The IPO subscription window is anticipated to close on Monday, April 29, for retail investors and on Tuesday, April 30, for professional investors. The final offer price will be established through a book-building process and is set to be disclosed on May 1.
Sunil Kumar, CEO of Spinneys, remarked, “We’ve witnessed robust interest in our IPO since announcing our intent to go public, and we’re pleased to open subscriptions to investors in both the UAE and international markets.”
“Our business promises sustained growth, underpinned by a solid track record bolstered by the expansion of our store network, heightened online presence, distinctive private label offerings, and a vertically integrated supply chain — all contributing to robust profitability. Our future expansion is poised to receive further impetus from our projected entry into the lucrative Saudi market, alongside the introduction of new formats and the expansion of our e-commerce segment.”
Each initial tranche subscriber will be assured a minimum allocation of up to 2,000 shares.
The finalisation of the offering and subsequent admission is currently slated to occur on or about May 9, subject to market dynamics and securing pertinent regulatory endorsements in the UAE, inclusive of approval for listing and trading on the Dubai Financial Market.
