- Spinneys, renowned for its premium supermarkets in the UAE and Oman, witnessed a surge in its share price upon debuting on the Dubai Financial Market after a successful initial public offering, raising Dh1.37 billion ($375.7 million). With its stock climbing by 9.15% to Dh1.67 from the set share price of Dh1.53, the company's market capitalization exceeded Dh6 billion post the DFM's opening bell on Thursday, although gains slightly receded to about 5.9% as its share price adjusted to Dh1.62 later in the morning.
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The decision to list on the DFM, announced on April 16, reflects Spinneys' strategic intent to leverage substantial growth opportunities in the UAE and explore entry into the Saudi Arabian market. Al Seer Group, the selling shareholder, offered all shares in the public float, amounting to 25% of the total issued share capital, with a notable increase in shares allocated to retail investors to 63 million. The IPO underscores Spinneys' optimistic outlook, particularly in the UAE and Saudi Arabia, where it eyes significant market share expansion and plans to introduce innovative concepts like Kitchen by Spinneys, catering to diverse consumer preferences.
Why it matters
With its track record of success and strategic foresight, Spinneys is poised for further growth and expansion in the dynamic Middle Eastern retail landscape.
