Shopping For Shares

Supermarket chain Spinneys prepares for IPO in Dubai

The UAE company, which also operates in Oman and plans to enter the Saudi market, will sell 25% of its shares when it debuts in May

The headquarters of UAE supermarket chain Spinneys. (Photo: Spinneys)

UAE supermarket chain Spinneys said on Tuesday it will sell 25% of its shares in an IPO on the Dubai Financial Market.

The company, which also operates in Oman and plans to enter the Saudi market, expects to start trading in May after a subscription period for investors that ends April 30.

The announcement follows reports that Lulu Group International, one of the biggest retail operators in the Middle East, is planning a dual listing later this year on the Riyadh and Abu Dhabi exchanges.

Rothschild & Co. Middle East is the independent financial adviser for Spinneys, while Emirates NBD Capital, Merrill Lynch and HSBC Bank Middle East are joint global co-ordinators and bookrunners.

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