Spinneys shares up more than 9% as it starts trading on the Dubai Financial Market – The National

Spinneys shares up more than 9% as it starts trading on the Dubai Financial Market – The National

Spinneys, the operator of premium supermarkets in the UAE and Oman, saw its share price rise as it began trading on the Dubai Financial Market, following an initial public offering that raised Dh1.37 billion ($375.7 million).The company's stock rose 9.15 per cent to Dh1.67, from the set share price of Dh1.53, giving it a market capitalisation of more than Dh6 billion after the DFM's opening bell on Thursday. Gains slowed to about 5.9 per cent as its share price retreated to Dh1.62 as of 11.05am UAE time.Spinneys announced its plans to list on the DFM on April 16 as it sought to tap into “enormous opportunities” to grow its UAE presence and expand into Saudi Arabia.All shares being offered in the public float are held by Al Seer Group as the selling shareholder.The overall size of the offering is 900 million shares, representing 25 per cent of the total issued share capital of the company.The number of shares offered to retail investors was increased to 63 million, from 45 million, representing 7 per cent of the total offering. Shares allocated to professional investors were reduced to 837 million, from 855 million.“This listing will provide us with an added strategic flexibility