Spinneys announces intention to float on Dubai Financial Market

Spinneys Holding plc today announced its intention to proceed with an initial public offering (IPO) and to list its ordinary shares for tra­­ding on the DFM.

In its statement, the company said that 900,000,000 shares each with a nominal value of Dh0.01 will be made available in the offering, representing 25 per cent of the company's total issued share capital.

All shares to be offered are existing shares held by Al Seer Group LLC as the selling shareholder who reserves the right to amend the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities and Commodities Authority (SCA) in the UAE.

The offering will be made available to UAE retail investors and other investors as part of the UAE retail offering or first tranche as well as to professional investors outside the United States, including the UAE, as part of the qualified investor offering or second tranche.

The subscription period will open on Tuesday, April 23, and end on Monday, April 29, for UAE retail investors and on Tuesday, April 30, for professional investors.

Admission of shares to trading on DFM is expected to take place in May 2024. The share capital of the company, as at the date of the listing, has been set at Dh36,000,000 divided into 3,600,000,000 shares paid-in-full, with the nominal value of each share being Dh0.01.

Following the offering, and starting from the fiscal year 2024, the company intends to pay dividends on a semi-annual basis in April and October of each year, with the first payment targeted for October 2024, in respect of H1 2024.

For the fiscal year 2024 and the years thereafter, the company will endeavour to maintain a dividend pay-out ratio of 70 per cent of annual distributable profits, after tax.