Page 250 - AAE PR REPORT - June 2024

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

Spinneys operates 75 premium grocery retail supermarkets under the “Spinneys,”
“Waitrose,” and “Al Fair” brands in the UAE and Oman with plans to open the Company’s

first store in the Kingdom of Saudi Arabia during the first half of 2024. Spinneys is one of
the leading premium grocery retailers in the region, commanding a 27% share of its target

market in Dubai and a 12% share of its AED 23 billion target market in the UAE in 2022.

Revenue in 2023 grew to AED 2.87 billion, at a CAGR of 8.2% from 2019, driven by
increasing online penetration, increasing private label penetration, successful navigation

of inflation through strategic pricing, and an expanding store footprint in the UAE.

This transaction is the latest in a series of landmark deals the Firm has advised on in the
GCC region over the years, including eight IPOs in 2023 alone. Most recently, it acted as

the joint bookrunner on Parkin’s IPO on the DFM – the most oversubscribed IPO on the

DFM to date. The Firm also advised on the IPO of Dubai Taxi Company on the DFM, as
well as the IPO of OQ Gas Networks on the Muscat Stock Exchange (MSX) the largest

Omani IPO in over two decades. It also advised on the IPO of ADES Holding Company on
the Saudi Exchange, as well as the successful IPOs of ADNOC L&S and ADNOC Gas Plc

on the Abu Dhabi Securities Exchange (ADX); IPO of Lumi Rental Company on the Saudi
Exchange; Abraj Energy Services on the MSX; and Al Ansari Financial Services PJSC on

the Dubai Financial Market (DFM).

-Ends-

About EFG Holding

EFG Holding (EGX: HRHO.CA – LSE: EFGD) is a trailblazing financial institution that

boasts a remarkable 40-year legacy of success in nine countries spanning three
continents. Operating within three distinct verticals — the Investment Bank (EFG

Hermes), Non-Bank Financial Institutions (NBFI) (EFG Finance), and Commercial Bank

(aiBANK) — the company provides a comprehensive range of groundbreaking financial
products and services tailored to meet the needs of a diverse clientele, including individual

clients and businesses of all sizes.

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