Supermarket chain Spinneys is seeking to raise as much as $375 million from the sale of a 25 per cent stake in an initial public offering, it disclosed on Tuesday.
The indicative price range was set between AED 1.42 and AED 1.53, implying a market capitalisation of between AED 5.11-5.51 billion ($1.39-1.50 billion), it said in a statement.
"We have got very positive feedback from all the investors internationally or regionally," CEO Sunil Kumar told Reuters.
The company has attracted two cornerstone investors in Emirates International Investment Company (EIIC), the strategic investment arm of Abu Dhabi-based National Holding, and Franklin Templeton, he added.
They have committed to take up an aggregate $75 million in the offering, according to the statement.
The final pricing will be determined at the end of the book-building period, which is slated for April 30, it said in a statement, adding shares were expected to start trading on May 9.
Britain's economy grew by the most in nearly in three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year anddelivering a boost to Prime Minister Rishi Sunak ahead of an election.
Spinneys 1961 Holding PLC, an operator of premium grocery retail supermarkets under the Spinneys, Waitrose and Al Fair brands in the UAE and Oman, started trading on Thursday on the Dubai Financial Market (DFM).
After 55 years in the travel retail industry and 41 at the helm of Dubai Duty Free (DDF), Colm McLoughlin, Executive Vice Chairman & CEO has announced that he is stepping down from his role on May 31, 2024.
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Welcome to Pinoy Bulletin, your go-to source for staying informed about important announcements, exciting group activities, community events, and job opportunities!