• Pricing at the top of its range, the Spinneys IPO raised gross proceeds of AED 1.38 billion (USD 375 million) implying a market capitalization at listing of AED 5.51 billion (USD 1.50 billion).
  • In pursuit of continued growth, 2024 will see Spinneys open its first stores in Saudi Arabia, continue to expand its store network in the UAE, and launch new formats including “The Kitchen, by Spinneys” dining concept and hyperlocal ecommerce offering “Spinneys Swift”.

Dubai, UAE: Dubai Financial Market (“DFM”) today welcomed the successful listing of Spinneys 1961 Holding PLC (the “Company” or “Spinneys”), an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024.

Spinneys’ IPO saw significant demand from international and regional institutional investors, as well as retail investors in the UAE, attracting around AED 71 billion (USD 19 billion) in orders. The Offering was oversubscribed by 64 times in aggregate (excluding the cornerstone investor), representing the highest level of demand and oversubscription for a non-government-related IPO on DFM in recent years[1]. In response to high levels of demand, the UAE Retail Offering was increased from 5% to 7% of the total offer shares.

The final offer price was set at AED 1.53 per share, at the top end of the offer price range, raising around AED 1.38 billion (USD 375 million) and implying a market capitalization of AED 5.51 billion (USD 1.50 billion) on admission to trading. The Company now trades under ticker symbol "SPINNEYS".

Spinney’s successful listing, the second on DFM in 2024, highlights the robustness and dynamism of Dubai’s capital market. This milestone achievement reaffirms DFM's commitment to attracting new listings from the private sector, boosting investor participation, and fortifying Dubai's financial sector and the UAE's economic landscape.

Ali Saeed Juma Al Bwardy, Chairman of Spinneys, rang the DFM market opening bell to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai, alongside the Board and Management of Spinneys and other officials.

Ali Saeed Juma Al Bwardy, Chairman of Spinneys, commented: “Having begun our story in Bur Dubai in the early 1960s, we are incredibly proud to be celebrating this historic moment. Ours is a long-standing and much-loved brand with a strong heritage in the UAE and a commitment to quality, evolving over the decades to become one of the country’s leading premium fresh-focused food retailers. It is a great privilege to be listing our shares on DFM, and to be providing investors with an opportunity to be a part of our next phase of growth.”

Sunil Kumar, CEO of Spinneys, said: “The very strong support for our IPO, which saw the highest level of demand for a non-government-related IPO on the DFM in the last 10 years, reflects what we believe is a truly attractive value proposition. Spinneys is a brand with enormous ambition, a presence in two of the most vibrant and fast-growing markets in the GCC, and we are already capitalizing on the very positive macroeconomic tailwinds that this region is experiencing. As we maintain our relentless pursuit of growth in both our core business and in new markets and formats, our purpose remains unchanged: to nourish and inspire our communities to live better lives, day-by-day.”

His Excellency Helal Al Marri, Chairman of DFM, said: “Today marks a momentous occasion as Spinneys joins the Dubai Financial Market. This listing underscores DFM's commitment to providing a platform for diverse investment opportunities, fostering economic growth, and aligning with the visionary goals of Dubai's leadership. As we witness strong investor interest, it reaffirms Dubai's status as a global economic powerhouse, showcasing the Emirate’s resilience and growing appeal to international investors. This milestone reflects the collective efforts and strategic direction guided by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of the Emirate of Dubai, the Deputy Prime Minister and Minister of Finance of the UAE, to further propel Dubai's journey towards becoming a premier global capital hub.”

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “Welcoming Spinneys to the Dubai Financial Market marks a strategic milestone, signifying the inclusion of another robust equity into the DFM marketplace. Additionally, this achievement holds a dual significance as the first non-government entity to be listed in DFM in 2024, coupled with the positive market response that underscores the growing confidence in Dubai's capital markets. Spinneys' successful debut listing reaffirms our position as the go-to marketplace for private companies seeking growth opportunities and stands as a testament to our commitment to fostering economic expansion and diversification, laying the groundwork for a dynamic year ahead in Dubai's capital markets."

The success of Spinneys’ offering underscores the attractiveness of its value proposition as one of the UAE’s leading premium fresh-focused food retailers, positioned to continue to grow in the GCC’s attractive and fast-growing markets. In 2024, the Company will open stores in the Kingdom of Saudi Arabia for the first time, with four expected to be operational in Riyadh and Jeddah by year-end. Spinneys will also continue to open new stores in its domestic market of the UAE, and will be launching “The Kitchen, by Spinneys” dining concept as well as rolling out its new hyperlocal ecommerce offering, “Spinneys Swift”.

As of the first quarter of 2024, the DFM General Index has experienced a notable 4.59% increase, contributing to a total trading value over AED 25 billion. Furthermore, total value of funds raised through IPOs on the DFM reached AED 36.4 billion since 2022.

-Ends-

About Spinneys

Spinneys 1961 Holding plc (the “Company”) was incorporated as a private limited company pursuant to DIFC Law No. 5 of 2018 and was re-registered to a public company limited by shares on 29 March 2024. The Company has a long-standing brand with a strong heritage in the UAE, earning a solid reputation for quality, operational excellence and active community engagement, with an ethos that prioritizes customer service, freshness, quality and safety. The Company has evolved and grown over the decades to become an operator of 75 premium grocery retail supermarkets under the “Spinneys”, “Waitrose” and “Al Fair” brands in the UAE and Oman and, following the planned opening of the Group’s first store in the first half of 2024, in Saudi Arabia. www.spinneys.com

About Dubai Financial Market:

Dubai Financial Market (DFM) was established as a public institution with its own independent corporate body. DFM operates as a secondary market for the trading of securities issued by public shareholding companies, bonds issued by the Federal Government or any of the local Governments and public institutions in the country, units of investment funds and any other financial instruments, local or foreign, which are accepted by the market. The DFM commenced operations on March 26, 2000 and became the first Islamic Shari’a-compliant exchange globally since 2007. Following its initial public offering in November 2006, when DFM offered 1.6 billion shares, representing 20 per cent of its paid-up capital of AED 8 billion, DFM became a public joint stock company, and its shares were listed on 7 March 2007 with the trading symbol (DFM). Following the IPO, the Government of Dubai retained the remaining 80 per cent of DFM Company through Borse Dubai Limited. www.dfm.ae

Media Contacts (Dubai Financial Market)
Noora Al Soori
Communications and Public Relations
Dubai Financial Market
E: nalsoori@dfm.ae

Shruti Choudhury                                                                       Shraddha Sundar                          
Account Director                                                                        Account Manager
Edelman Smithfield                                                                    Edelman Smithfield
E: dfmedelmansmithfield@edelman.com                                 E: dfmedelmansmithfield@edelman.com

Media Contacts (Spinneys)
George Allen
Managing Director
Teneo
E: george.allen@teneo.com  

[1] “Recent years” is considered the last ten years