Page 248 - AAE PR REPORT - June 2024

5/10/24, 10:00 AM EFG Hermes completes advisory on $375mln IPO of Spinneys on the DFM

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, an EFG Holding company. Image Courtesy: EFG Hermes
FINANCIAL SERVICES
EFG Hermes completes advisory on $375mln

IPO of Spinneys on the DFM

The IPO, which marks EFG Hermes’ second IPO advisory in the UAE in 2024,
garnered broad interest from investors, with an oversubscription rate of 64.0x
(excluding the cornerstone tranche)

Press Release

May 9, 2024

Dubai: EFG Hermes, an EFG Holding Company and the leading investment bank in the

Middle East and North Africa (MENA), announced today that its investment banking
division successfully completed its advisory on the USD 375 million initial public offering

(IPO) of Spinneys, an operator of premium grocery retail supermarkets under the
“Spinneys,” “Waitrose” and “Al Fair” brands in the UAE, Oman, and planning to open in the

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