Spinneys announces final IPO price for DFM listing

Spinneys announces final IPO price for DFM listing

UAE – Mubasher: Spinneys 1961 Holding completed the bookbuild and public subscription process for its initial public offering (IPO) on the Dubai Financial Market (DFM), setting the final offer price at AED 1.53 per share. The IPO raised offer proceeds of around AED 1.38 billion ($375 million, according to a press release. The demands for shares in the IPO stood at nearly AED 71 billion ($19 billion) from local, regional and international investors, as the offering was oversubscribed by around 64 times. Meanwhile, the total proceeds raised from the UAE retail offering were in excess of AED 1.90 billion and oversubscribed by 20 times. Subject to market conditions and obtaining relevant regulatory approvals in the UAE, Spinneys is expected to commence trading on the DFM on Thursday, 9 May 2024, under the ticker symbol “SPINNEYS”. Sunil Kumar, CEO of Spinneys, commented: “The extremely strong demand for our IPO, which was 64 times oversubscribed, reflects what we believe is a truly attractive offering.” “Driven by the expansion of our store network, increasing online penetration and our vertically integrated supply chain, we have a strong track record of financial performance, with resilient like-for-like growth and strong margins,” Kumar added. Spinneys plans to list