Spinneys 1961 Holding PLC Announces IPO on Dubai Financial Market
In a bold move, UAE-based grocery store operator Spinneys 1961 Holding PLC has declared its plans for an initial public offering on the Dubai Financial Market.
Details of the Offering
The parent company, Al Seer Group, will be selling 25 percent of the total issued share capital of Spinneys, totaling 900 million shares. The IPO’s subscription period is slated to commence on April 23, with the DFM listing scheduled for May 9.
Opportunities for Investors
Spinneys’ founder and chairman, Ali Saeed Juma Al-Bwardy, expressed the brand’s ambition and growth prospects in the GCC market. The IPO presents an opportunity for investors to join the next phase of Spinneys’ journey.
Financial Advisors and Expansion Plans
Rothschild & Co Middle East Limited and Emirates NBD Capital PSC will serve as the independent financial and listing advisors, respectively. Spinneys currently operates 75 premium grocery retail supermarkets in the UAE and Oman, with plans to expand into Saudi Arabia by 2024.
Growth Prospects in the UAE and Saudi Markets
With a robust economic landscape in the UAE and projections of increasing disposable income per capita, Spinneys aims to capitalize on the growing demand for premium food in the region. The company’s expansion into Saudi Arabia targets affluent shoppers in major cities like Jeddah and Riyadh.
Exciting Times Ahead
As Spinneys celebrates its 100th anniversary in the region, CEO Sunil Kumar looks forward to tapping into the potential of the Saudi market. The company’s entry into Saudi Arabia aligns with the growing demand for premium grocery retail in the region.
Market Dynamics and Previous Success
The announcement of Spinneys’ IPO follows the successful listing of public parking operations company Parkin, which saw overwhelming demand and oversubscription on the Dubai Financial Market.