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Dubai supermarket chain operator Spinneys, said the final offer price for its IPO at 1.53 dirhams ($0.42) per share, at the top end of the previously announced offer price range, potentially raising AED 1.38 billion ($375 million).
The price implies a market capitalisation at listing of about AED 5.51 billion ($1.50 billion), the company said in a statement on Wednesday.
Demand for shares in the IPO came to around AED 71 billion from local, regional and international investors, oversubscribing the offering by 64 times.
This is the highest level of demand and oversubscription of a non-government-related IPO on the DFM in the past decade, Spinney's said.
Spinneys expanded the size of its retail offering on Tuesday following high levels of demand from investors.
(Writing by Brinda Darasha; editing by Seban Scaria)
