Spinneys 1961 Holding plc (the “Company” or “Spinneys”), an operator of premium grocery retail supermarkets under the “Spinneys”, “Waitrose” and “Al Fair” brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024, today announces that following high levels of demand it will increase the number of shares (the “Shares”, each a “Share”) allocated to the UAE Retail Offering (as defined below) of its initial public offering (“IPO” or the “Offering”) on Dubai Financial Market (“DFM”).
Key Highlights
• The public offering (the “UAE Retail Offering”) to subscribers in the First Tranche (as defined in the UAE Prospectus) has been increased from 45,000,000 Shares to 63,000,000 Shares, equivalent to 7% of the total Offer Shares (previously 5% of the Offer Shares).
• The decision to increase the allocation size of the UAE Retail Offering is based on significant investor demand from the First Tranche subscribers.
• The total size of the Offering remains unchanged at 900,000,000 Shares, representing 25% of total issued share capital of the Company.
• To accommodate the increased allocation of the UAE Retail Offering, the number of shares allocated to Professional Investors (the “Qualified Investor Offering” and as referred to in the UAE Prospectus as Second Tranche subscribers) has been reduced from 855,000,000 Shares to 837,000,000 Shares, equivalent to 93% of the total Offer Shares (previously 95% of the Offer Shares).
• The IPO subscription period remains unchanged and will close on Monday 29 April 2024 for UAE Retail Investors and on Tuesday 30 April 2024 for Professional Investors.
• Spinneys is expected to commence trading on the DFM on Thursday 9 May 2024.
Increase in UAE Retail Offering
Following the approval of SCA, the UAE Retail Offering has been increased from 45,000,000 Shares to 63,000,000 Shares. The UAE Retail Offering will now represent 7% of the total Offer Shares having previously been announced as 5% of the total Offer Shares. The total size of the Offering remains unchanged at 900,000,000 Shares, representing 25% of the Company’s total issued share capital of the Company. Following the increased allocation to the UAE Retail Offering, the Qualified Investor Offering will be allocated 837,000,000 Shares, instead of 855,000,000 Shares, representing 93% of the total Offer Shares, compared to the 95% previously announced.
Price Stabilisation
The company, along with the Selling Shareholder, has appointed BHM Capital Financial Services PJSC as the stabilisation manager for the Offering. The IPO subscription period remains unchanged, closing on April 29, 2024, for UAE Retail Investors and April 30, 2024, for Professional Investors. The Offer Price Range is set between AED 1.42 and AED 1.53 per Share.
The final offer price will be announced on May 1, 2024, with completion of the Offering and Admission expected around May 9, 2024. Shares held by the Selling Shareholder and the Company are subject to a lock-up period of 180 calendar days from Listing. Details are available in the UAE Prospectus, Public Announcement, and International Offering Memorandum.
Rothschild & Co Middle East Limited is the Independent Financial Adviser, Emirates NBD Capital PSC is the Listing Adviser, and various banks are involved in different capacities. HSBC Bank Middle East Limited is not involved in marketing or managing any aspect of the UAE Retail Offering to natural persons.
News Source: Dubai Media Office
