Spinneys IPO Raises Dh1.38 Billion

In a landmark move for the UAE’s retail sector, Spinneys, one of the region’s leading supermarket chains, has successfully completed its initial public offering (IPO), raising an impressive Dh1.38 billion

The IPO, which attracted significant investor interest, marks a pivotal moment in Spinneys’ growth trajectory and underscores investor confidence in the company’s future prospects. The funds raised through the IPO will be instrumental in fueling Spinneys’ expansion plans, enhancing its market presence, and investing in innovative initiatives to further elevate the customer experience.

Spinneys has confirmed that the final offer price for its shares stands at AED1.53 per share, positioned at the upper end of the previously disclosed offer price range of the IPO. This pricing structure culminates in offer proceeds amounting to approximately AED1.38 billion (around US$375 million), consequently implying a market capitalization at a listing of approximately AED5.51 billion (approximately $1.50 billion).

Source: FinanaceWorld