NPS Vatsalya can be initiated while the child is under the age of 18
Dubai Financial Market today welcomed the successful listing of Spinneys 1961 Holding PLC, an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, with plans to open in the Kingdom of Saudi Arabia in 2024.
Spinneys’ IPO saw significant demand from international and regional institutional investors, as well as retail investors in the UAE, attracting around Dh71 billion (USD 19 billion) in orders.
The Offering was oversubscribed by 64 times in aggregate (excluding the cornerstone investor), representing the highest level of demand and oversubscription for a non-government-related IPO on DFM in recent years. In response to high levels of demand, the UAE Retail Offering was increased from 5 per cent to 7 per cent of the total offer shares.
The final offer price was set at Dh1.53 per share, at the top end of the offer price range, raising around Dh1.38 billion (USD 375 million) and implying a market capitalization of Dh5.51 billion (USD 1.50 billion) on admission to trading. The Company now trades under ticker symbol "SPINNEYS".
Ali Saeed Juma Al Bwardy, Chairman of Spinneys, rang the DFM market opening bell to celebrate the listing, in the presence of His Excellency Helal Al Marri, Chairman of DFM, and Hamed Ali, CEO of DFM and Nasdaq Dubai, alongside the Board and Management of Spinneys and other officials.
Ali Saeed Juma Al Bwardy, Chairman of Spinneys, commented: “Having begun our story in Bur Dubai in the early 1960s, we are incredibly proud to be celebrating this historic moment. Ours is a long-standing and much-loved 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. It is a great privilege to be listing our shares on DFM, and to be providing investors with an opportunity to be a part of our next phase of growth.”
Sunil Kumar, CEO of Spinneys, said: “The very strong support for our IPO, which saw the highest level of demand for a non-government-related IPO on the DFM in the last 10 years, reflects what we believe is a truly attractive value proposition."
As of the first quarter of 2024, the DFM General Index has experienced a notable 4.59 per cent increase, contributing to a total trading value over Dh25 billion. Furthermore, total value of funds raised through IPOs on the DFM reached Dh36.4 billion since 2022.
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