Investors in the UAE keen on participating in Spinney's initial public offering (IPO) can commence subscription today, April 23, with share prices ranging from Dh1.42 to Dh1.53.
The IPO entails offering nine hundred million shares, each valued at Dh0.01, constituting 25 percent of the total issued share capital of the supermarket franchise.
The targeted IPO size for Spinneys stands between Dh1.278 billion and Dh1.377 billion, with the subscription period slated to conclude on Monday, April 29, for retail investors and Tuesday, April 30, for professional investors. The final offer price will be determined via a book-building process and is scheduled for announcement on May 1.
The CEO of Spinneys, Sunil Kumar, expressed enthusiasm over the robust interest in the IPO, highlighting the business's potential for growth through store network expansion, increased online presence, unique private label offerings, and a vertically integrated supply chain. Anticipated growth includes entry into the Saudi market, the introduction of new formats, and the expansion of the e-commerce sector.
Initial subscribers are assured a minimum allocation of up to 2,000 shares. Completion of the offering and admission is anticipated around May 9, contingent upon market conditions and securing pertinent regulatory approvals in the UAE, notably admission to listing and trading on the Dubai Financial Market.
As the IPO subscription opens, investors are encouraged to track updates, and to stay informed on the latest developments in the market. With Spinneys' strategic initiatives and optimistic outlook, the IPO presents a compelling opportunity for investors seeking exposure to the retail sector in the region.
