Spinneys eyes IPO in 2024 


Dubai-based supermarket chain Spinneys is planning an initial public offering of the business in the second quarter of 2024, three anonymous sources revealed

Albwardy Investment, the franchise’s 100 per cent owner, hired Rothschild & Co to advise on the planned IPO.

This week, the retailer invited banks to pitch for roles in the offering, expected to be up to 30 per cent of the company, the sources added.

The potential IPO of Spinneys Dubai, planned on the Dubai Financial Market, would add to the small but growing regional food retail sector.

Spinneys operate a total of 70 plus stores across the UAE and Oman.

It began as a railway provision merchant company in 1924, expanding to a grocery firm importing British Empire goods to Mandate Palestine. 

IPO activity in the region

Another chain expecting an IPO in the upcoming year is Lulu Group, according to Reuters.

IPO activity in the GCC region is predicted to pick up speed after the pace slowed following successful 2022, when the UAE and Saudi Arabia led new listings, securing around $22 billion (€20.6 billion), exceeding half the total for the wider Mea and European regions, data shows.

Middle Eastern companies still raised $5.3 billion (€5 billion) in the first half of this year through 23 market debuts.