Spinneys increases IPO retail offering due to high demand

Supermarket chain Spinneys has announced its decision to increase the number of shares allocated to the UAE Retail Offering of its IPO due to high demand.

In a statement on Tuesday, the company said that the public offering (UAE Retail Offering) to subscribers in the First Tranche has been increased from 45,000,000 shares to 63,000,000 shares, equivalent to 7 per cent of the total Offer Shares.

The decision to increase the allocation size of the UAE Retail Offering is based on significant investor demand from the First Tranche subscribers.

The statement added that the total size of the offering remains unchanged at 900,000,000 Shares, representing 25 per cent of the company's total issued share capital.

To accommodate the increased allocation of the UAE Retail Offering, the number of shares allocated to Professional Investors (Qualified Investor Offering and as referred to in the UAE Prospectus as Second Tranche subscribers) has been reduced from 855,000,000 shares to 837,000,000 shares, equivalent to 93 per cent of the total Offer Shares.

The IPO subscription period remains unchanged as subscription closed on Monday April 29 for the UAE Retail Investors, and on Tuesday, April 30 for Professional Investors.

Spinneys is expected to commence trading on the DFM on Thursday, May 9.