"Spence" The price range for the offering is set between 1.42 and 1.53 dirhams per share
Dubai, April 23 / WAM / Spence Holding PLC announced today the price range for the sale of its shares and the start of the subscription period for the initial public offering on the Dubai Financial Market.
The price range for the offering was set at between 1.42 and 1.53 dirhams per share, which means that the company’s market value at the time of listing will range between about 5.11 billion dirhams ($1.39 billion) and 5.51 billion dirhams ($1.50 billion).
The company will offer 900 million shares with a nominal value of 0.01 dirhams per share, representing 25% of the total shares issued in the company’s capital.
All shares that will be offered are current shares owned by Al-Seer Group, which is the selling shareholder and reserves the right to amend the size of the offering at any time before the end of the subscription period in accordance with its absolute discretion, in accordance with applicable laws and after obtaining the approval of the Securities and Commodities Authority in the United Arab Emirates.
Emirates International Investment Company, Templeton Asset Management Company and Franklin Templeton Investment Company, acting as investment managers on behalf of certain funds and accounts, will be lead investors in the IPO with a total commitment of 275 million dirhams ($75 million).
The subscription period for the initial public offering begins today, and is expected to end on Monday, April 29, 2024 for individual subscribers in the United Arab Emirates, and on Tuesday, April 30, 2024 for professional investors.
The final offering price will be determined through the book-building process and is expected to be announced on Wednesday, May 1, 2024.
The shares are expected to be accepted for trading on the Dubai Financial Market on Thursday, May 9, 2024.
Sunil Kumar, CEO of Spinneys, said: “Our company’s initial public offering has received great interest since announcing our intention to list our shares for trading, and we are very pleased to open the subscription door to investors in the UAE and global markets. We believe that this offering represents a unique opportunity to invest in the success story of a widely popular brand that is committed to introducing the latest products and following the highest standards of customer service.”
He added: “Our company has a strong record of continuous and balanced growth supported by our ongoing efforts to expand our store network, enhance our online presence, distinguished offerings for our private brands, and a vertically integrated supply chain – all of which contribute to achieving strong profitability. Moreover, we expect continued growth.” In the future, in light of our plans to enter the Saudi market, create new offers, and expand our business in the field of e-commerce, and while we intend to reveal the final price of the offering next week, we look forward to welcoming new shareholders to participate in our growth story.”
- For more: DC & People website and for social networking, you can follow us on Facebook
- Source of information and images “poosh“
