Page 249 - AAE PR REPORT - June 2024

5/10/24, 10:00 AM EFG Hermes completes advisory on $375mln IPO of Spinneys on the DFM
Kingdom of Saudi Arabia in 2024, on the Dubai Financial Market (DFM). EFG Hermes
acted as a joint bookrunner on the transaction.

Spinneys offered a total of 25% of its total issued share capital through the sale of

900,000,000 existing shares at AED 1.53 per share, implying a market capitalization of
AED 5.5 billion (USD 1.5 billion).

The IPO captured the attention of local, regional, and international investors, with the total

book covered more than 64 times (excluding the cornerstone tranche). The company
began trading today under the ticker [SPINNEYS].

Karim Meleka, Co-Head of Investment Banking at EFG Hermes, an EFG Holding

company, commented, “This achievement marks a significant milestone in the UAE's
financial landscape, showcasing the strength and attractiveness of the country's capital

markets. We are immensely proud to have played a pivotal role in bringing Spinneys to the
public market, showcasing our expertise in navigating complex transactions and our deep

understanding of regional market dynamics. The remarkable oversubscription of the
offering underscores the strong investor appetite for quality assets within the UAE and

across the broader MENA region. It reaffirms our position as the advisor of choice

committed to delivering value to our clients and builds on our track record of helping
private companies come to market. The overwhelming investor interest in the offering

reflects the company's robust growth potential and serves as a resounding vote of

confidence in the broader economic outlook of the UAE.”

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