UAE’s supermarket chain Spinneys Holding plc on Tuesday announced its plans to launch an initial public offering (IPO), offering 900 million shares in the float.
The shares, each with a nominal value of AED 0.01, will account for 25 percent of the company’s total issued share capital.
The IPO will open for subscription for a seven-day period from April 23 to 29, and the company’s shares will be listed on Dubai Financial Market (DFM), WAM said in a statement.
All shares to be offered are existing shares held by Al Seer Group LLC, the company said in a statement.
The selling shareholder will reserve the right to amend the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA) in the UAE, the statement added.
Ali Saeed Juma Al Bwardy, Founder and Chairman of Spinneys, said: “Having begun our story in Dubai in the early 1960s, we are proud to be taking another significant step in our journey. “Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base,” Al Bwardy said.
The IPO will be open to retail and other investors in the UAE as part of the UAE Retail Offering or First Tranche.
It will also be open to subscription to institutional investors outside the United States, including the UAE, as part of the Qualified Investor Offering or Second Tranche.
The subscription period will open on Tuesday, April 23, and end on Monday, April 29 for UAE retail investors and on Tuesday, April 30 for professional investors.
The trading of shares is expected to open on DFM in May.
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