1 week Ago
The IPO، which marks EFG Hermes’ second IPO advisory in the UAE in 2024، garnered broad interest from investors، with an oversubscription rate of 64.0x (excluding the cornerstone tranche). EFG Hermes، an EFG Holding Company and the leading investment bank in the Middle East and North Africa (MENA)، announced today that its investment banking division successfully completed its advisory on the USD 375 million initial public offering (IPO) of Spinneys، an operator of premium grocery retail supermarkets under the “Spinneys،” “Waitrose” and “Al Fair” brands in the UAE، Oman، and planning to open in the Kingdom of Saudi Arabia in 2024، on the Dubai Financial Market (DFM).
EFG Hermes acted as a joint bookrunner on the transaction. Spinneys offered a total of 25% of its total issued share capital through the sale of 900،000،000 existing shares at AED 1.53 per share، implying a market capitalization of AED 5.
5 billion (USD 1.5 billion). The IPO captured the attention of local، regional، and international investors، with the total book covered more than 64 times (excluding the cornerstone tranche).
The company began trading today under the ticker [SPINNEYS]. Karim Meleka، Co-Head of Investment Banking at EFG Hermes، an EFG Holding company، commented، “This achievement marks a significant milestone in the UAE's financial landscape، showcasing the strength and attractiveness of the country's capital markets. We are immensely proud to have played a pi.
