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Spinneys $375m IPO increases shares in retail tranche

DUBAI, April 30, 2024

Spinneys 1961 Holding, an operator of premium grocery retail supermarkets, has announced that following high levels of demand it will increase the number of shares allocated to the UAE Retail Offering of its $375 million IPO.
 
The public offering to subscribers in the First Tranche has been increased from 45 million shares to 63 million 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.
 
Total size unchanged
The total size of the offering remains unchanged at 900 million 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 and as referred to in the UAE Prospectus as Second Tranche subscribers has been reduced from 855 million shares to 837 million 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 April 29, 2024 for UAE Retail Investors and on Tuesday April 30, 2024 for Professional Investors.
 
Spinneys is expected to commence trading on the DFM on Thursday May 9, 2024.
 
Offer price
The offer price range has been set between AED1.42 and AED1.53 per Share, implying a market capitalisation at time of listing of between AED5.11 billion ($1.39 billion) and AED5.51 billion ($1.50 billion). The final offer price will be announced on Wednesday May 1, 2024.
 
Rothschild & Co Middle East Limited has been appointed as Independent Financial Adviser. Emirates NBD Capital PSC has been appointed as Listing Adviser. Emirates NBD Capital PSC, Merrill Lynch International (BofA Securities) and HSBC Bank Middle East Limited have been appointed as Joint Global Coordinators and Joint Bookrunners. EFG Hermes UAE Limited (acting in conjunction with EFG Hermes UAE LLC) has been appointed as a Joint Bookrunner. Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Al Maryah Community Bank, Commercial Bank of Dubai, First Abu Dhabi Bank and Wio Bank have also been appointed as Receiving Banks.
 
Neither HSBC Bank Middle East Limited nor any of its respective affiliates is responsible for participating in marketing or managing any aspect of the UAE Retail Offering to natural persons.--TradeArabia News Service
 



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