Supermarket Chain Spinneys Climbs 11% in Dubai Trading Debut - Bloomberg
High-end supermarket chain Spinneys rose as much as 11% in its Dubai trading debut after a rare private sector initial public offering in the United Arab Emirates, an encouraging sign for other companies looking to go public.
Shares in Spinneys 1961 Holding Plc opened at 1.7 dirhams on Thursday, up from the offer price of 1.53 dirhams, which was at the top of a marketed range. The IPO attracted heavy demand from investors who put in 71 billion dirhams ($19 billion) worth of orders for the 1.38 billion-dirham share sale.
The stock pared gains to 7.2% by 10:03 a.m. local time.
The positive performance bodes well for other privately-held firms that may be weighing IPOs in the Gulf nation. The UAE has seen a wave of listings since late 2021, but the vast majority have been state-owned companies.
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