Dubai: Spinneys targets an I.P.O. valuation of US$1.5 billion

On April 23, 2024, supermarket group Spinneys 1961 Holding (70 stores in the U.A.E. and Oman, a subsidiary of Al Seer) opened subscription of 9,000 shares in preparation for an I.P.O. on the Dubai financial market. Expected for May 9 with 25% of capital, Spinneys is aiming to raise around US$375 million. Investors such as Emirates International Investment Company, Templeton Asset Management Ltd and Franklin Templeton Investments (ME) have pledged US$275 million. This year, Spinneys will...