Page 110 - AAE PR REPORT - April 2024

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.

Emirates International Investment Company LLC and two subsidiaries

of Franklin Templeton will be cornerstone investors in the IPO,

agreeing to subscribe for a total of 275 million dirhams.

Middle Eastern listings have attracted a smattering of interest from

international investors in the past. BlackRock Inc., Vanguard Group

and Fidelity Investments bought into Dubai Electricity & Water

Authority’s 2022 IPO, while Fertiglobe plc’s Abu Dhabi listing the prior
year drew Singapore’s GIC Pte and U.S. hedge fund manager Jeff

Ubben.

Read More: BlackRock to Vanguard, Global Funds Rush to Middle

East IPO Boom

Spinneys is among the first batch of family-owned businesses to go

public in the United Arab Emirates. State-owned companies have

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