Spinneys lists, begins trading on Dubai Financial Market

Spinneys lists, begins trading on Dubai Financial Market

Published: Thu 9 May 2024, 1:35 PM

Dubai Financial Market today welcomed the successful listing of Spinneys 1961 Holding PLC, an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024.

Spinneys’ IPO saw significant demand from international and regional institutional investors, as well as retail investors in the UAE, attracting around Dh71 billion (USD 19 billion) in orders.

The Offering was oversubscribed by 64 times in aggregate (excluding the cornerstone investor), representing the highest level of demand and oversubscription for a non-government-related IPO on DFM in recent years. In response to high levels of demand, the UAE Retail Offering was increased from 5 per cent to 7 per cent of the total offer shares.

The final offer price was set at Dh1.53 per share, at the top end of the offer price range, raising around Dh1.38 billion (USD 375 million) and implying a market capitalization of Dh5.51 billion (USD 1.50 billion) on admission to trading. The Company now trades under ticker symbol "SPINNEYS".

Ali Saeed Juma Al Bwardy, Chairman of Spinneys, rang the DFM market opening bell to celebrate the listing, in