White & Case, Ibrahim & Partners, and Linklaters have advised parties on the initial public offering (IPO) and planned listing on the Dubai Financial Market (DFM) of supermarket chain Spinneys.
Spinneys will sell 900 million shares, or 25% of the company’s issued share capital, through the IPO, it said on Tuesday.
All shares being offered in the public float are held by Al Seer Group, which reserves the right to amend the size of the offering.
White & Case’s Dubai office advised Spinneys on aspects of English and US law, while UAE law firm Ibrahim & Partners advised the company on UAE and DIFC law.
The White & Case team was led by partners Abdulwahid Alulama and Laura Sizemore, based in the firm’s UAE and London offices, respectively, and included local partner Mahmoud Ezz in Cairo.
Ibrahim & Partners managing partner Ahmed Ibrahim led on the Spinneys IPO, having previously led on other notable IPOs in the UAE, including Dewa, Empower, ADNOC, Investcorp, and Dubai Taxi, among others.
A cross-border team from Linklaters’ Dubai and London offices acted as legal advisors to the joint lead managers on English, US, and DIFC law. The joint lead managers are Emirates NBD, HSBC, and EFG Hermes.
Linklaters Middle East managing partner Scott Campbell, who is based in Dubai, and London/Dubai-based partner Jason Manketo led on the deal.
Spinneys’ IPO will cater to UAE retail investors and other investors in two tranches: the UAE retail offering and the qualified investor offering. The subscription period opens on April 23, 2024, for UAE retail investors and ends on April 29, 2024, while professional investors have until April 30, 2024.
The final offer price for the IPO will be determined through a book-building process and Spinneys shares are expected to begin trading on the DFM in May 2024.
Spinneys founder and chairman Ali Saeed Juma Al Bwardy said in a statement: “Having begun our story in Dubai in the early 1960s, we are proud to be taking another significant step in our journey. Spinneys is a long-standing brand with a strong heritage in the UAE and a commitment to quality, evolving over the decades to become one of the country’s leading premium fresh-focused food retailers.
“Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base.”
Spinneys has 75 stores across the UAE and Oman. At the same time as the IPO announcement, the high-end supermarket chain signalled its intention to expand this year into Saudi Arabia, the GCC’s largest economy. Spinneys will focus on store openings in Jeddah and Riyadh.
