Spinneys Holding plc has announced its plans for an initial public offering (IPO), intending to list its ordinary shares on the Dubai Financial Market (DFM).
The company revealed that it will offer 900,000,000 shares, each valued at Dh0.01, which represents 25% of its total issued share capital.
All shares in the offering belong to Al Seer Group LLC, the selling shareholder, with the option to adjust the offering's size at its discretion, subject to regulatory approval. The IPO targets UAE retail investors and professional investors outside the United States, including the UAE.
The subscription period will run from April 23 to April 29 for UAE retail investors and April 30 for professional investors. Anticipated admission of shares to trading on DFM is scheduled for May 2024. The company's share capital, upon listing, stands at Dh36,000,000, divided into 3,600,000,000 shares.
Post-offering, Spinneys plans to distribute dividends semi-annually, commencing in October 2024, with dividends representing 70% of annual distributable profits after tax. Ali Saeed Juma Al Bwardy, Founder and Chairman of Spinneys, expressed pride in the company's evolution since its inception in the early 1960s in Dubai. He highlighted Spinneys' enduring brand legacy and commitment to quality, positioning it as a leading premium fresh-focused food retailer in the UAE.
The IPO signifies an opportunity for investors to participate in Spinneys' growth trajectory, signaling a new phase for the company. Al Bwardy underscored the excitement surrounding this development, emphasizing Spinneys' dedication to delivering fresh opportunities to a broader shareholder base.
Spinneys Holding plc's IPO marks a significant milestone in its journey, reflecting its evolution into a prominent player in the UAE's premium food retail sector. The company's IPO presents an enticing prospect for investors seeking to engage with a brand renowned for its quality and heritage.
