Move comes 4 years after the brand was banned from India as a part a wider crackdown on some Chinese apps following border conflicts
Spinneys 1961 Holding plc has announced that it will increase the number of shares allocated to the UAE Retail Offering of its initial public offering (IPO) on Dubai Financial Market (DFM).
After receiving the approval from UAE's Securities and Commodities Authority, the UAE Retail Offering has been increased from 45 million shares to 63 million shares. This means that the UAE Retail Offering will now represent 7 per cent of the total offer shares, instead of the earlier announced 5 per cent.
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The decision to increase the allocation size of the UAE Retail Offering is based on significant investor demand from the first tranche subscribers.
The total size of the offering remains unchanged at 900 million shares, representing 25 per cent of the company’s total issued share capital. Following the increased allocation to the UAE Retail Offering, the Qualified Investor Offering (second tranche subscribers) will be allocated 837 million shares, instead of 855 million shares, representing 93 per cent of the total offer shares, compared to the 95 per cent previously announced.
The IPO subscription period remains unchanged and will close on Monday, April 29 for UAE Retail Investors and on Tuesday, April 30 for Professional Investors.
The Offer Price Range has been set between Dh1.42 and Dh1.53 per share, implying a market capitalisation at time of listing of between c. Dh5.11 billion (c. US$ 1.39 billion) and c. Dh5.51 billion (c. US$ 1.50 billion).
Spinneys is expected to commence trading on the DFM on Thursday, May 9.
The details of the Offering are included in an Arabic-language prospectus (the UAE Prospectus) and public subscription announcement (the Public Announcement) with respect to the UAE Retail Offering, and in an English-language International Offering Memorandum with respect to the Qualified Investor Offering. The UAE Prospectus and the Public Announcement were published on Tuesday, April 16 2024, and the International Offering Memorandum was published on April 23, 2024. The UAE Prospectus and the International Offering Memorandum are available at https://ipo.spinneys.com.
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