Skip to content Skip to Search
Skip navigation

Spinneys increases UAE retail offering after high demand

By Pramod Kumar
A Spinneys supermarket. The total size of the IPO remains unchanged at 900 million shares, representing 25 percent of the company’s issued share capital Spinneys
A Spinneys supermarket. The total size of the IPO remains unchanged at 900 million shares, representing 25 percent of the company’s issued share capital

Supermarket operator Spinneys has increased the size of its UAE retail offering by 40 percent on the Dubai Financial Market following high investor demand.

The retail allocation has been increased from 45 million to 63 million shares, now comprising seven percent of the total shares offered, compared to five percent earlier.

However, the total size of the IPO remains unchanged at 900 million shares, representing 25 percent of the company’s issued share capital.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The number of shares allocated to professional investors has been reduced from 855 million to 837 million, 93 percent of the total offer shares, compared to 95 percent earlier.

The initial public offering (IPO) subscription period will remain unchanged and close on April 29 for UAE retail investors and April 30 for professional investors.

Spinneys last week said it would have a market capitalisation of between AED5.11 billion and AED5.51 billion ($1.39 billion-$1.5 billion) after the IPO price range was set between AED 1.42 and AED 1.53 per share.

The final offer price will be determined by May 1 through a book-building process.

Shares in the company, which operates 75 supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, are expected to begin trading on the DFM on May 9.

Spinneys’ revenue grew to AED2.9 billion ($790 million) in 2023, at a compound annual growth rate of 8.2 percent from 2019. 

Profit for the year 2023 stood at AED254 million, up nearly a fifth on 2022.

Latest articles

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Jordan's King Abdullah II talk during a meeting in Abu Dhabi in March

UAE’s ADQ to invest $5bn in Jordan’s economy

Abu Dhabi sovereign wealth fund ADQ has completed plans to invest $5 billion in infrastructure and other projects in Jordan. ADQ has completed the formalities to set up the infrastructure investment fund company, Jordan’s ministry of investment said in a statement. This initiative is part of the agreement signed with the UAE during last year’s visit to […]

Heidi Kunkel, senior VP at Hyatt, says high-end customers are less sensitive to price increases Video length: 4:19

GCC hoteliers unfazed by rising costs

As global inflationary pressures continue to vex businesses, hospitality chains are faced with a choice: increase room rates or sacrifice profit margins.  GCC hoteliers seem to be opting for squeezing profit margins rather than increase room rates, even as geopolitical tensions and supply chain challenges threaten to push up costs.  Average daily rates (ADR) in […]

EV charger network UAE

UAE to roll out countrywide EV fast charger network

The UAE is speeding up the expansion of its electric vehicle charger infrastructure in support of the energy transition, the shift from fossil-based systems of energy production. UAEV, a joint venture between the Ministry of Energy and Infrastructure and Etihad Water and Electricity that was announced on Monday, intends to build a network of high-performance […]

Saudi Aramco CEO Amin Nasser (centre back) at the signing ceremony for the quantum computer deal with Pasqal

Aramco to use Saudi Arabia’s first quantum computer

Saudi Arabia plans to deploy its first quantum computer, after an agreement between the state oil company, Saudi Aramco, and the French computing company Pasqal.  Pasqal will install, maintain and operate a 200-qubit quantum computer, due for deployment in the latter half of 2025, Aramco said in a statement. Quantum computers use the principles of […]