UAE supermarket operator Spinneys’ IPO opens April 23, confirms expansion into Saudi Arabia

UAE supermarket operator Spinneys’ IPO opens April 23, confirms expansion into Saudi Arabia

Dubai: The Dubai-headquartered Spinneys, the supermarket operator and one of the legacy names in the UAE’s retail sector, is offering up a 25 per cent stake via an IPO, which will open for subscription on April 23.

The listing of Spinneys – part of Al Seer Group - on Dubai Financial Market is set for May 9, according to an advertisement placed in the local media.

The share price offer range will be confirmed just ahead of the subscription’s opening, according to the ad.

Spinneys thus becomes the second stock market float in the UAE for 2024, after Parkin, the RTA-affiliated parking spaces operator.

Just as important, Spinneys’ entry also sets up the platform for more privately owned entities in the UAE to seek a listing on DFM or ADX. Last year, there was the one from Al Ansari Financial Services – the currency exchange firm - on DFM, while ADX saw the F&B holding company Americana and that of the asset manager Investcorp Capital.

Spinneys’ IPO numbers

In effect, 900 million shares will be floated by the company, which has an extensive network of Spinneys’ supermarkets and also has an association with the storied UK retailer Waitrose for the