The company is the franchise responsible for the supermarket chain’s operations in the UAE and Oman.
Albwardy Investment, the owner of the franchise, has enlisted the services of Rothschild & Co. for counsel on this decision.
They requested anonymity, given that the plans are yet to be publicly disclosed.
Seeking Bank Proposals
This week, the company extended invitations to banks to present their proposals for roles in the offering.
Additionally, Bank offerings are expected to encompass up to 30% of Spinneys Dubai.
At the time of this report, Spinneys, Albwardy, and Rothschild had not made any comments or remarks on the matter.
If the IPO proceeds as planned, it will be listed on the Dubai Financial Market. Consequently, it will contribute to the growth of the relatively small but expanding regional food retail sector.
This follows in the footsteps of Americana Restaurants, the franchisee for fast food giants KFC and Pizza Hut across MENA. Additionally, Americana Restaurants is a prominent seller of frozen foods.
In December, it marked its debut with a dual listing on the stock exchanges of Abu Dhabi and Riyadh.
Lulu Group, a player in the hypermarket and mall operations, is also gearing up for its IPO in H1 2024.
Spinneys Dubai Raises IPO Activity
IPO activity in the Gulf is anticipated to regain momentum after experiencing a slowdown in 2022.
The region collectively raised nearly $22 billion in IPOs in that exceptional year, which accounted for over half of the total listings in Europe and MENA.
During the first half of this year, Middle Eastern companies collectively secured $5.3 billion in capital through 23 market debuts.
Spinneys Dubai currently manages an extensive network of over 65 stores across the UAE and seven stores in Oman.
Albwardy Investment, boasting an annual turnover exceeding $1 billion, also holds the franchise rights for the British supermarket chain Waitrose.
With roots dating back to the mid-1970s, Albwardy Investment has indeed cultivated a diverse portfolio.