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The UAE-based Al Seer Group LLC is offering 900,000,000 shares, or up to 25% stake, of Dubai-based supermarket chain Spinneys Holding in an IPO.
The IPO will open for subscription on April 23 and the Dubai Financial Market (DFM) listing is set for May 9, the company said.
The offer price range will be in UAE dirhams and will be announced before the offer period.
Emirates NBD Bank will be the lead receiving bank for the IPO.
Rothschild & Co Middle East Limited has been appointed as independent financial adviser.
Retail investors to the IPO have been allocated 5% or 45 million shares in the first tranche. Each of the subscribers will be ‘guaranteed a minimum allocation of 2,000 shares’.
In the second tranche, 855 million shares are allocated for professional investors and institutions.
Spinneys IPO will be the second DFM listing this year, following Parkin's $429 million IPO last month. Parkin oversees the public parking operations in the emirate.
The company operates 75 premium grocery retail supermarkets under the 'Spinneys', 'Waitrose' and 'Al Fair' brands in the UAE and Oman and, following the planned opening of the Group’s first store in the first half of 2024, in Saudi Arabia.
Parkin's IPO was a a record-breaking debut for Dubai as it was oversubscribed 165 times, attracting $71 billion in demand.
(Reporting by Seban Scaria; editing by Brinda Darasha)
