Arab Finance: EFG Hermes’ investment banking division has successfully concluded an advisory on the $375 million initial public offering (IPO) of the Dubai-based retail supermarkets operator Spinneys on the Dubai Financial Market (DFM), as per an emailed press release.

Under the IPO, Spinneys sold 900 million existing shares, accounting for 25% of its entire issued share capital, at a price of AED 1.53 per share, indicating a market capitalization of AED 5.5 billion ($1.5 billion).

Local, regional, and foreign investors were drawn to the IPO with a total book coverage of over 64 times.

EFG Hermes served as a joint bookrunner on the transaction.

“The remarkable oversubscription of the offering underscores the strong investor appetite for quality assets within the UAE and across the broader MENA region,” Co-Head of Investment Banking at EFG Hermes Karim Meleka, commented.

Spinneys has started trading on the DFM as of May 9^th under the ticker (SPINNEYS).

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