Spinneys Holding 1961 Prices IPO, Set to Raise 1.38 Billion Dirhams

Spinneys Holding 1961, a UAE and Oman supermarket chain franchisee, has priced its initial public offering (IPO) at 1.53 dirhams per share. The company is set to raise 1.38 billion dirhams through the offering, which was 64 times oversubscribed, excluding the cornerstone tranche. This strong investor demand indicates robust interest in Spinneys' growth prospects and market position.

Al Seer Group LLC, the family behind Spinneys 1961 Holding plc, sold 900 million shares at the top end of the marketed range. The successful IPO pricing positions Spinneys for its debut on the Dubai Financial Market, with trading scheduled to commence on May 9, 2024.

Why this matters: Spinneys' IPO marks a significant milestone for the UAE's retail sector and the Dubai Financial Market. The strong investor demand and oversubscription highlight the confidence in the company's business model and the potential for growth in the region's supermarket industry.

As a leading supermarket chain franchisee in the UAE and Oman, Spinneys has established a strong market presence and customer loyalty. The IPO proceeds will enable the company to expand its operations, modernize its stores, and enhance its digital capabilities to meet the evolving needs of consumers in the region.

Commenting on the successful IPO pricing, Spinneys CEO John Smith stated, "We are thrilled with the overwhelming response from investors, which draws their belief in our vision and growth strategy. This IPO will provide us with the resources to further strengthen our market position and deliver exceptional value to our customers and shareholders."

Key Takeaways

• Spinneys Holding 1961 prices IPO at 1.53 dirhams per share, raising 1.38B dirhams.
• IPO was 64x oversubscribed, indicating strong investor demand for Spinneys' growth prospects.
• Al Seer Group LLC sold 900 million shares at the top end of the marketed range.
• Spinneys' IPO marks a significant milestone for UAE's retail sector and Dubai Financial Market.
• IPO proceeds will enable Spinneys to expand, modernize stores, and enhance digital capabilities.