Spinneys Expands UAE Retail Offering to 7% Due to High Investor Demand

Dubai, UAE – April 30, 2024

Spinneys 1961 Holding plc has announced an increase in the number of shares allocated to the UAE Retail Offering of its initial public offering (IPO) on the Dubai Financial Market (DFM). This decision reflects significant investor demand from the initial tranche subscribers.

Following approval from the UAE’s Securities and Commodities Authority, the UAE Retail Offering has been expanded from 45 million shares to 63 million shares. This translates to a 7% share of the total offering, up from the previously announced 5%.

The overall size of the IPO remains at 900 million shares, representing 25% of Spinneys’ total issued share capital. With the increase in the UAE Retail Offering allocation, the Qualified Investor Offering (second tranche) will now receive 837 million shares (93% of the total) instead of the previously announced 855 million shares (95%).

The subscription period remains unchanged, closing on Monday, April 29th for UAE Retail Investors and Tuesday, April 30th for Professional Investors. The Offer Price Range is set between Dh1.42 and Dh1.53 per share, implying a market capitalization at listing of approximately Dh5.11 billion (US$1.39 billion) to Dh5.51 billion (US$1.50 billion).