Dubai supermarket chain operator Spinneys said its order book reached AED71 billion ($19.33 billion) for its $375 million initial public offering (IPO) on the Dubai Financial Market.

The offering was 64 times oversubscribed in aggregate, excluding the cornerstone tranche, Spinneys said in a statement.  

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.

“This is the highest level of demand and oversubscription of a non-government-related IPO on the DFM in recent years," the statement added.

Spinneys will have a market capitalisation of nearly AED 5.51 billion, and its shares are expected to start trading on the Dubai stock market on May 9.

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