Supermarket chain Spinneys' Dubai franchisee announces IPO plans (updated)
16/04/2024 06:17
(Recasts headline and paragraph 1 to change sourcing, adds
details and background)
DUBAI, April 16 (Reuters) - A franchisee of supermarket
chain Spinneys, which operates in the United Arab Emirates and
Oman, on Tuesday announced plans for an initial public offering
(IPO) on the Dubai bourse, in the first listing of a supermarket
chain operator in the UAE.
Spinneys Dubai LLC will offer a 25% stake through the
IPO, and the price will be determined through a book-building
process that will open on April 23 and close on April 29 for UAE
retail investors and other investors, and on April 30 for
professional investors.
Shares are expected to start trading on the Dubai Financial
Market next month, the company said in a document.
Reuters was first to report about the IPO plans in
September, citing sources that the company was planning a public
listing in the second quarter of this year and that owner
Albwardy Investment had hired Rothschild & Co to advise on the
transaction.
Spinney's IPO adds to the small but growing regional food
retail sector. UAE-based hypermarket and mall operator Lulu is
also expected to go public later this year, Reuters previously
reported.
Emirates NBD Capital, Merrill Lynch International and
HSBC Bank Middle East Limited have been appointed as joint
global co-ordinators and joint bookrunners, while EFG Hermes UAE
Limited was also named a joint bookrunner.
(Reporting by Federico Maccioni; Editing by Jamie Freed and
Sherry Jacob-Phillips)
((Federico.maccioni@thomsonreuters.com; +971 527370852;))