The subscription period for retail investors will start on April 23. Antonie Robertson / The National
The subscription period for retail investors will start on April 23. Antonie Robertson / The National
The subscription period for retail investors will start on April 23. Antonie Robertson / The National
The subscription period for retail investors will start on April 23. Antonie Robertson / The National

Spinneys plans to list 25% of shares in Dubai IPO


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Spinneys, the operator of premium supermarkets in the UAE and Oman, plans to list its shares through an initial public offering on the Dubai Financial Market as it seeks to tap into "enormous opportunities" to boost its UAE presence and expand into Saudi Arabia.

Spinneys will sell 900 million shares, or 25 per cent of the company's issued share capital, through the IPO, it said on Tuesday.

All shares being offered in the public float are held by Al Seer Group as the selling shareholder. It reserves the right to amend the size of the offering.

The IPO will be open for subscription for UAE investors as part of the retail tranche of the deal. Institutional investors will also be able to subscribe as part of the qualified investors’ offering.

The subscription period for retail investors will commence on April 23 through to the end of April 29. For professional investors, it will conclude on April 30.

"This is the right time to invite investors to participate in our future growth," Sunil Kumar, Spinneys' chief executive, told The National.

"This listing will provide us an added strategic flexibility for our ambitious plan going forward, it will attract a wider spectrum of shareholders from diversified portfolios and we will have access to the capital market to achieve our ambitious plan."

The UAE and Saudi Arabia offer the high-end supermarket chain "white-space opportunities, considering the macroeconomic growth in this region", he added.

The final offer price for the IPO will be determined through a book-building process and Spinneys shares are expected to begin trading on the DFM in May.

Spinneys expects robust demand from regional and international investors based on discussions in which the company outlined its future growth plans and expected dividend payout, Mr Kumar said.

"What we've seen from our interactions with investors in the last six months is everyone is very positive about the business model," he said.

"The investors have high confidence in the business because it is going to be listed with our growth story as well as a dividend pipeline."

Investors are also confident in the UAE and wider GCC's stock markets, the region's solid macroeconomic growth and the strong performance of recent listings in regional bourses, he added.

Spinneys has a 27 per cent share in its target market in Dubai and 12 per cent of the Dh23 billion target market in the UAE in 2022 amid continued growth in its online sales, its private label brands and its fresh food offerings.

"It is an enormous opportunity for us [to grow further]," said Mr Kumar, who began his career at Spinneys 30 years ago.

The intention to float shares by Spinneys is the latest among issuers lining up to raise funds through listing amid the continued economic momentum in Dubai.

Companies in Dubai raised Dh34.5 billion ($9.4 billion) through selling shares in the past three years, with aggregate investor demand for those listings reaching more than Dh1 trillion, the Dubai Securities and Exchange Higher Committee said in March.

The continued IPO activity in that period has helped the Dubai bourse to maintain robust growth that pushed its general index to become the fifth-best performer globally last year, the committee said.

In November 2021, Dubai said it would list 10 state-owned companies and establish a Dh2 billion market maker fund to encourage listings from private companies in sectors such as energy, logistics and retail.

The government aims to expand the size of the emirate's financial market to Dh3 trillion and six state-owned enterprises have listed on the DFM since 2022.

Parking operator Parkin's IPO last month, the first in the UAE capital markets this year, raised Dh1.57 billion from investors. Demand for the deal hit a record Dh259 billion.

Companies in Dubai raised Dh34.5 billion through selling shares in the past three years. Chris Whiteoak / The National
Companies in Dubai raised Dh34.5 billion through selling shares in the past three years. Chris Whiteoak / The National

Expansion plans

Spinneys, which operates premium grocery retail supermarkets under its own brand as well as Waitrose and Al Fair in the UAE and Oman, plans to expand into Saudi Arabia, the biggest Arab economy, this year.

Spinneys will open its first shop in the kingdom in the first half of this year, with three more to follow by the end of the year, Mr Kumar said.

The company plans on expanding at the rate of two to four new stores annually in Saudi Arabia for the next five years, depending on the availability of property, he said.

In the UAE, Spinneys sees a "wide range of growth potential".

It will establish Kitchen by Spinneys that will provide ethnic food options, with the first concept store to open in Dubai Mall in the first half of this year, he said.

The company is betting on Saudi Arabia and the UAE’s affluent residents for growth opportunities. A total of 42 per cent of Spinneys' revenue is generated from private label brands.

While it will use its own cash flow to fund these growth plans, the IPO will help the company gain access to capital in case of future opportunities for mergers and acquisitions, Mr Kumar said.

However, there are no immediate plans for such deals, he added.

Navigating regional challenges

Spinneys' IPO announcement comes amid the possibility of rising regional geopolitical tensions after Iran launched an attack on Israel at the weekend.

But the escalating tensions, coupled with inflationary pressures and the Red Sea shipping attacks that have snarled maritime trade, have had "minimal impact" on the company's supply chain and procurement, Mr Kumar said.

Its portfolio comprises 75 outlets across a gross leasable area of 1.3 million square feet, 64 of which are owned by the group, while the rest are run under an operations arrangement.

Revenue last year expanded to Dh2.87 billion at an annual growth rate of 8.2 per cent from 2019, driven by an increased online penetration and expanding store footprint in the UAE.

Rothschild & Co Middle East is the independent financial adviser on the deal, while Emirates NBD Capital, Merrill Lynch and HSBC Bank Middle East are joint global co-ordinators and bookrunners.

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The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The%20specs
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Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Getting there

The flights

Emirates and Etihad fly to Johannesburg or Cape Town daily. Flights cost from about Dh3,325, with a flying time of 8hours and 15 minutes. From there, fly South African Airlines or Air Namibia to Namibia’s Windhoek Hosea Kutako International Airport, for about Dh850. Flying time is 2 hours.

The stay

Wilderness Little Kulala offers stays from £460 (Dh2,135) per person, per night. It is one of seven Wilderness Safari lodges in Namibia; www.wilderness-safaris.com.

Skeleton Coast Safaris’ four-day adventure involves joining a very small group in a private plane, flying to some of the remotest areas in the world, with each night spent at a different camp. It costs from US$8,335.30 (Dh30,611); www.skeletoncoastsafaris.com

2.0

Director: S Shankar

Producer: Lyca Productions; presented by Dharma Films

Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey

Rating: 3.5/5 stars

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RESULTS

4pm: Al Bastakiya Listed US$250,000 (Dirt) 1,900m
Winner: Yulong Warrior, Richard Mullen (jockey), Satish Seemar (trainer)

4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m
Winner: Jordan Sport, Adrie de Vries, Fawzi Nass

5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m
Winner: Jungle Cat, William Buick, Charlie Appleby

5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m
Winner: Kimbear, Patrick Dobbs, Doug Watson

6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m
Winner: Blair House, James Doyle, Charlie Appleby

6.55pm: Al Maktoum Challenge Round-3 Group 1 $400,000 (D) 2,000m
Winner: North America, Richard Mullen, Satish Seemar

7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m
Winner: Hawkbill, William Buick, Charlie Appleby.

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Company%20profile
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The specs

Engine: 3.8-litre V6

Power: 295hp at 6,000rpm

Torque: 355Nm at 5,200rpm

Transmission: 8-speed auto

Fuel consumption: 10.7L/100km

Price: Dh179,999-plus

On sale: now 

The specs: 2018 Opel Mokka X

Price, as tested: Dh84,000

Engine: 1.4L, four-cylinder turbo

Transmission: Six-speed auto

Power: 142hp at 4,900rpm

Torque: 200Nm at 1,850rpm

Fuel economy, combined: 6.5L / 100km

Volvo ES90 Specs

Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)

Power: 333hp, 449hp, 680hp

Torque: 480Nm, 670Nm, 870Nm

On sale: Later in 2025 or early 2026, depending on region

Price: Exact regional pricing TBA

Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Updated: April 16, 2025, 9:26 AM`