Dubai Financial Market (“DFM”) today welcomed the successful listing of 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.
Spinneys' IPO garnered significant demand, totaling around AED 71 billion from international, regional, and UAE retail investors, oversubscribed by 64 times. The UAE Retail Offering was increased to 7% due to high demand. The final offer price was set at AED 1.53 per share, raising AED 1.38 billion and implying a market capitalization of AED 5.51 billion. Spinneys now trades under ticker symbol "SPINNEYS" on DFM, marking the second listing on DFM in 2024. This achievement underscores DFM's commitment to attracting new listings, boosting investor participation, and strengthening Dubai's financial sector and the UAE's economy.
Ali Saeed Juma Al Bwardy, Chairman of Spinneys, rang the DFM market opening bell to celebrate the listing, joined by officials and Spinneys' Board and Management. He expressed pride in the historic moment of listing on DFM, highlighting the brand's strong heritage and commitment to quality.
Sunil Kumar, CEO, emphasized Spinneys' attractiveness as an investment opportunity, driven by ambitious growth plans and positive regional economic trends.
His Excellency Helal Al Marri, Chairman of DFM, hailed Spinneys' listing as a significant step in providing diverse investment opportunities and advancing Dubai's economic goals.
Hamed Ali, CEO of DFM and Nasdaq Dubai, underscored Spinneys' listing as a strategic milestone, showcasing growing confidence in Dubai's capital markets and fostering economic expansion and diversification.
The success of Spinneys’ offering underscores the attractiveness of its value proposition as one of the UAE’s leading premium fresh-focused food retailers, positioned to continue to grow in the GCC’s attractive and fast-growing markets. In 2024, the Company will open stores in the Kingdom of Saudi Arabia for the first time, with four expected to be operational in Riyadh and Jeddah by year-end. Spinneys will also continue to open new stores in its domestic market of the UAE, and will be launching “The Kitchen, by Spinneys” dining concept as well as rolling out its new hyperlocal ecommerce offering, “Spinneys Swift”.
As of the first quarter of 2024, the DFM General Index has experienced a notable 4.59% increase, contributing to a total trading value over AED 25 billion. Furthermore, total value of funds raised through IPOs on the DFM reached AED 36.4 billion since 2022.
News Source: Dubai Media Office
