Abu Dhabi grocery business Mair Group to list on ADX

Spar

• Operator of 100+ stores, 12 malls
• $326m revenues in H1 this year
• 12,000 existing shareholders

Abu Dhabi grocery retail and real estate business Mair Group is set to directly list on the emirate’s ADX stock exchange next month. 

The company, which operates more than 100 stores under the Adcoop and Spar brands, said the listing will take place on December 9. No details about the value or relative shareholding were provided. 

Direct listing allows the company to become public without going through the IPO process and using underwriters.

“We are ready to amplify our impact, strengthen our foundations, and invite stakeholders to join our journey,” said Nehayan Al Ameri, CEO of Mair Group.

The company said full-year revenues in 2023 reached AED2 billion ($544 million). It distributed AED135 million ($36 million) in dividends – equal to 12.11 percent of share capital – to its more than 12,000 shareholders.

It posted revenue of AED1.2 billion ($326.7 million) in the first half of 2024. 

Adcoop, which has more than 65,000 customers daily, works with more than 100 local farmers to deliver its “farm-to-fork” strategy. 

Through its Makani division, Mair manages more than 12 shopping centres, which have a 95 percent occupancy rate. 

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The listing comes on the back of an active period for retail companies in regional markets. 

Lulu Retail Holdings and Spinneys successfully listed on the ADX and the Dubai Financial Market, while UAE retailer Union Coop announced that it was considering a public listing. 

Saudi beauty ecommerce site Nice One this week announced plans to list on the Tadawul. 

IPO activity in the region has been buoyant this year. 

There were 30 IPOs across the GCC countries in the first nine months of 2024, which combined raised $5.2 billion.

“In a global context, the GCC remains one of the most active markets for IPOs,” Tarek Fadlallah, CEO of Nomura Asset Management Middle East in Dubai, told AGBI last month.