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The family behind upscale supermarket chain Spinneys is making headlines with its plans for a rare private sector listing in Dubai, aiming to raise up to 1.38 billion dirhams ($375 million) in the process. Al Seer Group LLC, the selling entity, is offering 900 million shares at a price range of 1.42 to 1.53 dirhams each, valuing the grocer at a maximum of 5.5 billion dirhams. Demand has been robust, with all available shares snapped up within minutes, indicating strong regional interest in the listing.
- The subscription period for Spinneys 1961 Holding plc will run until April 30 for institutional investors and a day earlier for retail buyers. Final pricing will be announced on May 1, with trading set to commence a week later. Cornerstone investors, including Emirates International Investment Company LLC and subsidiaries of Franklin Templeton, have committed to subscribing for a total of 275 million dirhams. pinneys, with its long history dating back to 1961, aims to leverage investor interest to fuel expansion plans, including a move into Saudi Arabia and the establishment of four new stores by year-end. With joint global coordinators like Emirates NBD Capital, Bank of America Corp., and HSBC Holdings Plc, the IPO underscores growing confidence in privately-owned companies seeking growth opportunities in the region.
Why it matters
Spinneys' move to go public marks a significant milestone for family-owned businesses in the UAE.
