"Spence" Announces an increase in public offering shares for individual investors in the Emirates
DUBAI, 30 APRIL / WAM / Spence 1961 Holding PLC announced today that it has increased the number of shares allocated to individual investors in the UAE as part of the initial public offering of its shares on the Dubai Financial Market, in response to high levels of demand for the company’s shares.
The company said, in a statement today, that the public offering to subscribers in the first tranche was increased from 45 million shares to 63 million shares, equivalent to 7 percent of the total shares, compared to the previous 5 percent of the total shares.
The company explained that the decision to increase the size of the first tranche offering in the UAE depends on the large demand from individual investors who subscribe to the first tranche, while the total size of the offering will remain unchanged at 900 million shares, which represents 25 percent of the company’s total capital.
The number of shares allocated to qualified investors was reduced from 855 million shares to 837 million shares, equivalent to 93 percent of the total shares, in order to accommodate the significant increase in demand for the offering for individual investors in the United Arab Emirates.
The subscription period for the initial public offering remains unchanged, as subscription was closed yesterday for individual investors in the UAE, while it will be closed today for professional investors, and Spence is expected to begin trading in the Dubai Financial Market on or about Thursday, May 9, 2024. date, in accordance with market conditions and obtaining the relevant regulatory approvals in the UAE, including approval for listing and trading on the Dubai Financial Market.
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