Supermarket chain Spinneys Dubai raised AED 1.38 bn from its IPO after pricing it at the top of the initial price range, with over AED 71 bn in orders from local, regional and international investors at the close of the offering period, according to a statement (pdf). The order book was 64x oversubscribed — without counting cornerstone investors.

Final share price: The Albwardy family-owned company set its final IPO price at the top of its initial price range at AED 1.53 per share. This gives the company a market cap of AED 5.51 bn.

The breakdown: The institutional portion of the offering was 68x oversubscribed, while the retail portion closed on Monday at a 20x oversubscription rate, according to the statement. The retail giant boosted the size of the retail portion on high demand to 7% of the offering, with institutional investors getting 93%. It also attracted Emirates International Investment Company and Franklin Templeton as cornerstone investors, with the two investors committing to purchase AED 275 mn worth of shares in the offering.

Shares will start trading on the DFM on Thursday, 9 May, under the ticker SPINNEYS, the statement reads.

Refresher: Al Seer Group is selling 900 mn of its shares — equivalent to a 25% stake — in the company on the DFM. The IPO will be among the first by a family-owned business in the UAE, and comes ahead of plans to expand into Saudi Arabia in 1H 2024.

Advisors: Our friends at HSBC Middle East are joint global coordinators alongside Emirates NBD Capital and Merrill Lynch. Our friends at EFG Hermes are joint bookrunners, while Rothschild Middle East is independent financial advisor. Emirates NBD Capital is also acting as listing advisor, while Emirates NBD Bank is lead receiving bank. Other receiving banks include our friends at FAB as well as MBank and Commercial Bank of Dubai.

Bloomberg and Reuters also had the story.

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