Spinneys 1961 Holdings PLC (Spinneys), the retail operator in the UAE, Oman and Saudi Arabia with the group’s first store planned to open in 2024, has announced that it will increase the number of shares allocated to retail investors in the UAE as set out below in its initial public offering (IPO) on the Dubai Financial Market (DFM). The move comes in response to strong demand for the company’s shares.
The company said in a statement that the public offering to subscribers in the first tranche (as specified in the UAE prospectus) has been increased from 45 million shares to 63 million shares, equivalent to 7 percent of the total shares (previously 5 percent of the total shares).
She explained that the decision to increase the size of the first tranche offering in the United Arab Emirates depends on the great demand from individual investors who subscribed to the first tranche.
The total offering size remains unchanged at 900 million shares, representing 25 percent of the company's total capital.
On the other hand, the number of shares allocated to qualified investors (as specified in the UAE prospectus) has been reduced from 855 million shares to 837 million shares, equivalent to 93 per cent of the total shares (previously 95 per cent of the offer shares), in order to accommodate the significant increase in demand for the offering by individual investors in the UAE.
The company confirmed that the subscription period for the initial public offering will remain unchanged, as the subscription will close on Monday, April 29, 2024 for individual investors in the UAE, and on Tuesday, April 30, 2024 for professional investors.
Spinneys is expected to start trading on the Dubai Financial Market on Thursday, May 9, 2024.
