Shares of Dubai supermarket chain operator Spinneys jumped 8.5% to AED 1.66 on its debut on the Dubai Financial Market (DFM) on Thursday.

The counter saw 1,513 trades with 59.9 million shares worth AED 100 million traded on opening.

The company’s IPO order book reached AED71 billion ($19.33 billion) for its $375 million initial public offering (IPO). The offering was 64 times oversubscribed in aggregate, excluding the cornerstone tranche.  

The qualified investor offering was oversubscribed more than 68 times, excluding the cornerstone tranche. Proceeds raised from the UAE retail offering were more than AED 1.9 billion and oversubscribed 20 times on the upsized tranche size.

The final offer price was set at AED 1.53 per share at the top end of the previously announced IPO price range.

Spinneys will have a market capitalisation of nearly AED 5.51 billion.

(Editing by Seban Scaria seban.scaria@lseg.com)