UAE grocery chain Spinneys to float on Dubai Financial Market

The company will open its first store in the Saudi Arabian market in La Strada, Riyadh, in the first half of 2024.

Jangoulun Singsit April 17 2024

Spinneys 1961, a grocery retail supermarket operator in the United Arab Emirates (UAE) and Oman, has announced its intention to list 25% of its shares for trading on the Dubai Financial Market (DFM).  

The intention to proceed with an initial public offering (IPO) marks the first time a supermarket chain operator will be listed in the UAE.  

Al Seer Group, a shareholder in Spinneys 1961 Holding, is set to sell 900 million shares, representing 25% of the total share value.

The IPO will be available for subscription to UAE investors in the retail tranche and to institutional investors in the qualified investors' offering.  

The final offer price will be set through a book-building process, with Spinneys' shares expected to begin trading on the DFM in May 2024.

Spinneys founder and chairman Ali Saeed Juma Al Bwardy said: “Having begun our story in Dubai in the early 1960s, we are proud to be taking another significant step in our journey. Spinneys is a long-standing 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.  

“Ours is a brand with huge ambition, positioned to flourish in the GCC’s [Gulf Cooperation Council] most attractive and fast-growing markets. Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base.” 

Spinneys operates 75 premium grocery retail supermarkets, including the Spinneys, Waitrose and Al Fair brands in the UAE and Oman.  

The company plans to expand into the Saudi Arabian market with a new 43,465ft²  store in La Strada, Riyadh, in the first half of 2024. 

The retailer also plans to open three more stores across Dubai in Al Khawaneej, Sobha and Arabian Ranches 3.

Spinneys offers a diverse product range, with an average of 55,828 stock-keeping units in 2023, more than half of which were fresh food products.  

In 2023 the retailer saw its revenue grow to Dh2.87bn ($781.38m), reflecting an 8.2% compound annual growth rate since 2019. 

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