Gulf Waitrose brand operator Spinneys jumps on first day of Dubai trading

  • Date: 09-May-2024
  • Source: Financial Times
  • Sector:Retail
  • Country:UAE
  • Who else needs to know?

Gulf Waitrose brand operator Spinneys jumps on first day of Dubai trading

Spinneys, the high-end grocer that operates the Waitrose brand in the Gulf, rose as much as 10 per cent on its first day of trading on Thursday — the latest major private company to go public in Dubai and part of what bankers and investors hope could be a wave of such listings.

The company — named after British army officer turned merchant Arthur Rawdon Spinney, who began importing food into British-occupied Egypt a century ago — said its offering was 64 times oversubscribed and priced at the top end of the range. The shares were later trading up 5 per cent on the day.

Bankers say the listing has been closely watched by executives considering launching their own offerings. They believe its success may encourage other private sector companies to come to market in the Middle East’s financial hub Dubai, whose stock exchange has traditionally been dominated by state-linked companies. 

Spinneys’ flotation “will hopefully engage other entrepreneurs and families to follow this trend” for large, family-owned businesses to come to market, said Ali Khalpey, Dubai-based head of equity capital markets syndicate at EFG Hermes.

Privately held schools group Taaleem listed in Dubai in 2022 and Al Ansari Financial Services made its market debut