Spinneys Reports Growth in Share Count – Business – Economy and Finance

Spinneys 1961 Holding plc, a leading operator of premium grocery retail supermarkets in the UAE and Oman, has announced an increase in the number of shares allocated to its initial public offering (IPO) on the Dubai Financial Market (DFM) due to high demand from investors. The company, known for its popular brands such as “Spinneys”, “Waitrose”, and “Al Fair”, is set to expand its operations to the Kingdom of Saudi Arabia in 2024.

The key highlights of the announcement include an increase in the public offering to subscribers in the UAE Retail Offering from 45,000,000 Shares to 63,000,000 Shares, representing 7% of the total Offer Shares. This decision was made in response to significant investor demand from the First Tranche subscribers. The total size of the Offering remains unchanged at 900,000,000 Shares, equivalent to 25% of the company’s total issued share capital.

To accommodate the increased allocation of the UAE Retail Offering, the number of shares allocated to Professional Investors has been reduced from 855,000,000 Shares to 837,000,000 Shares, representing 93% of the total Offer Shares. The IPO subscription period is set to close on April 29, 2024, for UAE Retail Investors and on April 30, 2024, for Professional Investors, with trading expected to commence on the DFM on May 9, 2024.

The UAE Retail Offering has been increased from 45,000,000 Shares to 63,000,000 Shares, now representing 7% of the total Offer Shares. The Qualified Investor Offering will be allocated 837,000,000 Shares, down from 855,000,000 Shares, representing 93% of the total Offer Shares. The Offer Price Range is set between AED 1.42 and AED 1.53 per Share, with the final offer price to be announced on May 1, 2024.

The completion of the Offering and Admission is expected to take place around May 9, 2024, subject to market conditions and regulatory approvals in the UAE. The company and the Selling Shareholder have appointed BHM Capital Financial Services PJSC as the stabilisation manager to support the market price of the Shares.

Rothschild & Co Middle East Limited has been appointed as Independent Financial Adviser, while Emirates NBD Capital PSC, Merrill Lynch International (BofA Securities), and HSBC Bank Middle East Limited are serving as Joint Global Coordinators and Joint Bookrunners. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank, with other banks also involved in the process.

Investors and the public can access the details of the Offering through the UAE Prospectus, Public Announcement, and International Offering Memorandum available on the company’s website. The IPO call center number is 800 ENBD IPO (3623 476).

In conclusion, Spinneys 1961 Holding plc’s decision to increase the shares allocated to its IPO reflects the strong investor interest in the company’s growth prospects and expansion plans in the region. With the Offering set to close soon, all eyes are on the company’s listing and trading debut on the DFM in May 2024.