Supermarket Spinneys Close to Hiring Banks for Dubai IPO - Bloomberg
Spinneys Dubai LLC, a supermarket and grocery chain in the United Arab Emirates and Oman, is close to hiring local and international banks for a potential initial public offering.
The firm is set to mandate Bank of America Corp., Emirates NBD Capital and HSBC Holdings Plc to work on a potential listing, which could take place next year, according to people familiar with matter, who asked not to be identified as the information isn’t public. Rothschild & Co is advising on the planned IPO, they said.
More banks may be added to the syndicate at a later stage, the people said. Representatives for Spinneys, Rothschild, BofA, ENBD and HSBC either didn’t respond to requests for comment or declined to comment
Spinneys has stores in more than 65 locations across the UAE, according to its company website.
UAE has seen a surge in listings since late 2021 on the back of higher oil prices and a government privatization drive. State-owned entities have dominated IPO activity with money exchange firm Al Ansari Financial Services a notable exception this year.
Advanced Inhalation Rituals, the owner of shisha brand Al Fakher, SEE Holding and Dubizzle Group, which operates classifieds websites popular with expatriates, are among the private companies looking to list in the UAE, Bloomberg News has reported.
Rival grocer Lulu Group International is also considering an initial public offering in 2024.
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