Page 106 - AAE PR REPORT - April 2024

4/24/24, 9:33 AM Spinneys’ $375 Million Dubai IPO Draws Franklin Templeton - BNN Bloomberg

INVESTING Company News News Wire 23h ago
Spinneys’ $375 Million Dubai IPO Draws

Franklin Templeton

Julia Fioretti, Bloomberg News

A visitor walks along the corniche, backdropped by skyscrapers on the city skyline, in Dubai, United Arab Emirates, on
Wednesday, Nov. 29, 2023. More than 70,000 politicians, diplomats, campaigners, financiers and business leaders will fly to
Dubai to talk about arresting the world’s slide toward environmental catastrophe. Photographer: Hollie Adams/Bloomberg ,
Bloomberg

(Bloomberg) -- The family behind high-end supermarket chain Spinneys is seeking to
raise as much as 1.38 billion dirhams ($375 million) in a rare private sector listing in
Dubai that’s drawn Franklin Templeton as a cornerstone investor.

Al Seer Group LLC is selling 900 million shares at 1.42 dirhams to 1.53 dirhams apiece
in the initial public offering that values the grocer at as much as 5.5 billion dirhams,

according to a statement. Investors snapped up all shares on offer in minutes,
according to terms of the deal seen by Bloomberg News, indicating continued strong
demand for regional listings.

The subscription period for Spinneys 1961 Holding plc will run until April 30 for
institutional investors and close a day earlier for retail buyers. The final price is set to be
announced on May 1, with shares expected to start trading a week after.

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