Home UAE Dubai Spinneys increases retail share offering for upcoming IPO The supermarket chain aims to raise up to Dhs1.38bn($375m) from its IPO by Marisha Singh April 30, 2024 Image credit: Spinneys Spinneys announced that it is boosting the number of shares allotted to the UAE Retail Offering within its initial public offering (IPO) on the Dubai Financial Market (DFM). Spinneys sees high demand for IPO Following approval from the UAE’s Securities and Commodities Authority, the UAE Retail Offering has been upped from 45 million shares to 63 million shares. Consequently, the UAE Retail Offering will now constitute 7 per cent of the total offer shares, as opposed to the previously announced 5 percent, as per a statement issued by Dubai Media Office. This adjustment stems from substantial investor interest observed among first tranche subscribers. The overall size of the offering remains steady at 900 million shares, equivalent to 25 per cent of the company’s total issued share capital. With the increased allocation to the UAE Retail Offering, the Qualified Investor Offering (second tranche subscribers) will receive 837 million shares instead of the initially planned 855 million shares, accounting for 93 percent of the total offer shares compared to the previously announced 95 percent. DFM debut The subscription period for the IPO remains unchanged, which closed on Monday, April 29 for UAE retail investors and Tuesday, April 30 for professional investors. The offer price range is set between Dh1.42 and Dh1.53 per share, indicating a market capitalisation upon listing ranging from approximately Dhs5.11bn to Dh5.51bn. Spinneys aims to raise up to Dhs1.38bn($375m) from its IPO. Trading of Spinneys is set to debut on Thursday, May 9. We were very excited to announce the opening of subscriptions for our IPO yesterday. Subscriptions will be open for eligible retail investors until 29 April. For information on how to subscribe, visit https://t.co/U7GdXuwe7r. pic.twitter.com/zlIszOiMLc — Spinneys UAE (@Spinneys_UAE) April 24, 2024 Read: Spinneys sets IPO price range, to make DFM debut on May 9 Tags Dubai Financial Market (DFM) IPO Market capitalisation Spinneys You might also like Fourth Milling Company to float IPO on Tadawul NMDC Energy’s $877m IPO oversubscribed 31.3 times Saudi Arabian Mills sets IPO price range, seeks to raise $271m Delivery Hero prepares IPO of Talabat on Dubai bourse