Global law firm White & Case LLP has advised Spinneys 1961 Holding PLC (Spinneys), a leading retail supermarket operator in the United Arab Emirates and Oman, on its listing on the Dubai Financial Market (DFM).
The initial public offering was achieved via a sale of 900 million ordinary shares, representing 25 percent of Spinneys’ issued share capital, by its shareholder Al Seer Group LLC. HSBC, Emirates NBD and Bank of America acted as joint global coordinators, EFG Hermes as joint bookrunner and Rothschild & Co as Independent Financial Advisor.
Spinneys is the first Dubai International Finance Centre company to list on the DFM and the second Dubai IPO to include a price stabilization mechanism. The IPO was 64 times oversubscribed in aggregate, excluding the cornerstone tranche, which is the highest level of demand and oversubscription of a non-government IPO on the DFM in the last ten years. The shares were priced at AED 1.53 per share, at the top end of the price range, resulting in IPO proceeds of around AED 1.38 billion (approximately US$375 million), and an implied market capitalization at listing of around AED 5.51 billion (approximately US$1.5 billion).
The White & Case team which advised on the transaction was led by partners Abdulwahid Alulama (Abu Dhabi & Dubai) and Laura Sizemore (London) and included local partner Mahmoud Ezz (Cairo), counsel Bob Lehner (Chicago) and associates Cassy Raby, Ahmad Bin Dalmook, Camellia Homampour (all Dubai) and George Davie (London).
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