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Spinneys Supermarket Plans Franchise in Dubai For 2024 IPO


In a significant market move, Spinneys Dubai LLC, the franchisee behind the popular supermarket chain in the United Arab Emirates and Oman, is gearing up for an initial public offering (IPO) scheduled for the second quarter of 2024. This announcement comes from three reliable sources well-versed in the matter.

Spinneys advisory services

Albwardy Investment, the sole owner of the franchise, has enlisted the advisory services of Rothschild & Co for this strategic IPO move. While the plans are not yet public. Insiders reveal that the IPO could potentially involve up to 30% of the company.

This week, the franchisee invited various banks to present their pitches for roles in the forthcoming IPO. Notably, neither Spinneys, Albwardy Investment nor Rothschild & Co have provided an official comment on these developments. Despite requests for information from Reuters.

IPO Announcement

The prospective IPO of Spinneys Dubai, intends to list on the Dubai Financial Market. Thus, will contribute to the growth of the burgeoning regional food retail sector. This sector is making waves, with Americana Restaurants. The franchisee for fast-food giants KFC and Pizza Hut in the Middle East and North Africa. However, they successfully debut in a dual listing in Abu Dhabi and Riyadh back in December.

Further adding to the IPO excitement, Lulu Group, a prominent hypermarket and mall operator, has announced its IPO plans for the first half of 2024. Moelis & Co has been appointed as its advisor, affirming an October 2022 Reuters report.

Dubai IPO

After a remarkable 2022, which saw Saudi Arabia and the UAE leading new listings and raising nearly $22 billion, IPO activity in the Gulf is expected to regain momentum. According to Dealogic data, Middle Eastern companies raised $5.3 billion in the first half of this year through 23 market debuts.

Spinneys Dubai, with a network of more than 65 stores across the UAE, is a key player in the regional retail landscape. Additionally, it operates at least seven stores in Oman, as noted on Albwardy’s official website.

Albwardy Investment, boasting an annual turnover exceeding $1 billion, holds the franchise rights for the esteemed British supermarket chain, Waitrose. Established in the mid-1970s, the company’s diverse portfolio includes several Four Seasons hotels and substantial investments in food distribution, such as Nestle UAE. Beyond the food sector, Albwardy is actively involved in various industries, including industrial and engineering, commercial, insurance, agribusiness, and properties.

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Disclaimer: Please note that this article serves solely for informational purposes and should not be construed as financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.


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