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Spinneys IPO order book exceeds $19bn
Dubai-based supermarket chain operator Spinneys said orders for its $375 million initial public offering (IPO) on the Dubai Financial Market reached Dh71 billion ($19.33 billion).
Spinneys also said in a statement that the issue was 64 times grossly oversubscribed, excluding the cornerstone tranche.
The qualified investor issue was oversubscribed by a multiple of more than 68 times, excluding the cornerstone portion.
While the UAE retail issue raised more than Dh1.9 billion and was oversubscribed 20 times.
The final offer price was set at Dh1.53 per share, at the upper end of the previously announced IPO price range.
"This is the highest level of demand and oversubscription for a DFM non-government related IPO in recent years." The statement added.
Spinneys will have a market capitalization of close to Dh5.51 billion and its shares are expected to start trading on May 9 on the Dubai stock market.
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