Spinneys Dubai LLC, the UAE and Oman franchisee of the supermarket chain, is preparing for an IPO in Q2 2024, with Rothschild & Co advising. The offering, estimated at up to 30% of the company, is set to debut on the Dubai Financial Market, marking a significant addition to the regional food retail sector.
This move follows the IPO of Americana Restaurants, the regional KFC and Pizza Hut franchisee, and frozen food seller, which had a dual listing in Abu Dhabi and Riyadh in December.
The Gulf IPO market is anticipated to regain momentum after a successful 2022, with Lulu Group also planning an IPO in H1 2024, boosted by Moelis & Co’s advisory services.”
Dubai-based Spinneys, currently owned entirely by Albwardy Investment, is known for its extensive network of over 65 stores in the UAE, with an additional seven stores in Oman. Albwardy Investment, boasting an annual turnover exceeding $1 billion, holds franchise rights for the upscale British supermarket chain, Waitrose, and has diverse investments in the hospitality sector, including Four Seasons hotels, as well as food distribution, including Nestle UAE.
The conglomerate’s portfolio encompasses various sectors such as industrial and engineering, commercial and insurance, agribusiness, and properties.