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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]