Spinneys sets IPO price range at AED1.42-AED1.53

WAM

Supermarket chain Spinneys is seeking to raise as much as $375 million from the sale of a 25 per cent stake in an initial public offering, it disclosed on Tuesday.

The indicative price range was set between AED 1.42 and AED 1.53, implying a market capitalisation of between AED 5.11-5.51 billion ($1.39-1.50 billion), it said in a statement.

"We have got very positive feedback from all the investors internationally or regionally," CEO Sunil Kumar told Reuters.

The company has attracted two cornerstone investors in Emirates International Investment Company (EIIC), the strategic investment arm of Abu Dhabi-based National Holding, and Franklin Templeton, he added.

They have committed to take up an aggregate $75 million in the offering, according to the statement.

The final pricing will be determined at the end of the book-building period, which is slated for April 30, it said in a statement, adding shares were expected to start trading on May 9.

More from Business

  • Aviation sector contributes $4.1 trillion to global economy

    The UAE's Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA), on Monday emphasised the aviation sector's critical role in the global economy, noting that it accounts for 12 to 13 per cent of GDP in some countries and supports millions of jobs worldwide.

  • Paris AI summit draws world leaders

    World leaders and technology executives are convening in Paris on Monday to discuss how to safely embrace artificial intelligence at a time of mounting resistance to red tape that businesses say stifles innovation.

  • 16% growth in new economic licences in Abu Dhabi during 2024

    The Abu Dhabi Registration and Licensing Authority (ADRA), which develops and regulates the business sector, on Monday revealed significant growth in business licences and compliance indicators in the Emirate's mainland and non-financial economic free zones during 2024.

  • DEWA updates billing on water consumption

    Dubai Electricity and Water Authority (DEWA) has announced that it will adopt the cubic metre as the standard unit for measuring water consumption starting from the March 2025 billing cycle.

  • UAE, Japan to complete CEPA by end of year

    The UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, has said negotiations for the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Japan will be completed before the end of 2025.