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5/10/24, 10:00 AM Spinneys Shares Climb 11% In Dubai Trading Debut After Raising Over $375M In IPO
Spinneys Shares Climb 11% In Dubai Trading Debut After
Raising Over $375M In IPO
By Julian Nabil Forbes Middle East Staff May 09, 2024, 14:11 PM
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Spinneys’ IPO had Franklin Templeton as a cornerstone investor, making it one of the few firms in the UAE to lure
international cornerstones. Image by DFM / X.
Supermarket chain Spinneys 1961 Holding Plc witnessed an 11% rise in its shares during its
Dubai trading debut Thursday, following a private sector initial public offering (IPO) that
raised $375.7 million (AED 1.38 billion).
Spinneys debut
Spinneys' shares opened at $0.5 (AED 1.7), up from the offer price of $0.4 (AED 1.5),
which was at the top of a marketed IPO price range.
The IPO lured high demand from investors, who placed $19.3 billion (AED 71 billion)
worth of orders for the share sale.
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