Spinneys supermarket franchisee sets Dubai IPO price at top of the range

Spinneys Holding 1961, the franchisee of the supermarket chain in the UAE and Oman, said in a statement on Wednesday its final initial public offering (IPO) was priced at 1.53 dirham ($0.4166) per share, at the top of its indicative price range.

Spinneys' IPO was oversubscribed by around 64 times and shares are expected to start trading on the Dubai Financial Market on May 9.

The proceeds of the offer were approximately 1.38 billion dirham ($375.75 million), implying a market capitalisation of around 5.51 billion dirham ($1.50 billion) at listing.

Spinneys operates 75 premium grocery retail supermarkets under the "Spinneys", "Waitrose" and "Al Fair" brands in Oman and the UAE, where it plans to open new stores this year.

($1 = 3.6727 UAE dirham)