Supermarket chain Spinneys' franchisee in the United Arab Emirates and Oman is seeking to raise as much as $375 million from the sale of a 25% stake in an initial public offering, it disclosed on Tuesday.
The indicative price range was set between 1.42 dirhams and 1.53 dirhams, implying a market capitalisation of between 5.11-5.51 billion dirhams ($1.39-1.50 billion), it said in a statement.
Spinneys 1961 Holding will offer 900 million shares, or 25% of its issued share capital, on the Dubai Financial Market.
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