The successful listing of Spinneys 1961 Holding was welcomed by Dubai Financial Market (DFM) on Thursday. Attracting about Dhs71 billion ($19 billion) in orders, the company’s IPO saw strong demand from institutional investors in the UAE and abroad as well as from local retail investors.
With the exception of the cornerstone investor, the offering was oversubscribed by 64 times overall, marking the highest level of demand and oversubscription for a non-government-related IPO on DFM in recent memory. The UAE Retail Offering was raised from 5% to 7% of the total offer shares in response to the strong demand.
“Having begun our story in Bur Dubai in the early 1960s, we are incredibly proud to be celebrating this historic moment,” said Spinneys Chairman Ali Saeed Juma Al Bwardy. With a strong legacy and dedication to quality, our brand has been around for a long time in the UAE and has grown over the years to become one of the top fresh food retailers in the nation. Listing our shares on DFM and giving investors a chance to participate in our upcoming growth phase is a great privilege.
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