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5/8/24, 4:38 PM Spinneys’ $375 Million Dubai IPO Draws Orders Worth $19 Billion - BNN Bloomberg

INVESTING Company News News Wire May 1, 2024
Spinneys’ $375 Million Dubai IPO Draws

Orders Worth $19 Billion

Julia Fioretti, Bloomberg News

Spinneys supermarket in Dubai. , Bloomberg

(Bloomberg) -- High-end supermarket chain Spinneys received about 71 billion dirhams
($19.3 billion) in orders for its $375 million Dubai initial public offering, underscoring
strong appetite for a rare private sector listing in the United Arab Emirates.

The offering was 64 times oversubscribed, excluding the cornerstone tranche,

according to a statement on Wednesday. Investors snapped up all shares on offer
minutes after books opened last week, indicating continued strong demand for regional
listings.

Al Seer Group LLC, the family behind Spinneys 1961 Holding plc, sold 900 million
shares at 1.53 dirhams apiece, which is at the top of a marketed range. The firm will
have a market capitalization of about 5.51 billion dirhams, and its shares will start
trading in Dubai on May 9.

The demand for Spinneys bodes well for other privately-held firms that may be weighing
IPOs in the Gulf nation. The UAE has seen a wave of listings since late 2021, but the

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