Page 280 - AAE PR REPORT - June 2024

5/8/24, 4:38 PM Spinneys’ $375 Million Dubai IPO Draws Orders Worth $19 Billion - BNN Bloomberg
vast majority have been state-owned companies.

The last family-owned company to go public in the UAE was money exchange firm Al
Ansari Financial Services PJSC, which raised $210 million last year. Its shares have
been largely unchanged from their offer price.

Spinneys attracted Franklin Templeton as a cornerstone investor, another relatively rare
feature in UAE listings, where anchors have typically been local funds. Fertiglobe plc’s
Abu Dhabi listing in 2021 drew Singapore’s GIC Pte and U.S. hedge fund manager Jeff
Ubben.

Franklin Templeton and Emirates International Investment Company LLC together
committed to subscribe for 275 million dirhams in Spinneys’ IPO.

Owned by the Al Bwardy family, Spinneys opened its first store in 1961 and now
operates 75 supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE

and Oman. It’s planning to expand into Saudi Arabia, the Gulf’s biggest economy, this
year.

Emirates NBD Capital, Bank of America Corp., and HSBC Holdings Plc are joint global
coordinators for Spinneys’ IPO, while EFG Hermes is a joint bookrunner. Rothschild &
Co. is the independent financial adviser.

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