White&Case on Spinneys’ listing on the DFM

White & Case advised Spinneys, one amongst the most important supermarket chains in Middle East, on its listing on the Dubai Financial Market (DFM). Spinneys is the first Dubai international finance centre company to list on the DFM and the second Dubai IPO to include a price stabilization mechanism.

The IPO was achieved through a sale of 900 million ordinary shares, representing 25 per cent of Spinneys’ issued share capital, by its shareholder Al Seer. The IPO was 64 times oversubscribed in aggregate, excluding the cornerstone tranche, which is the highest level of demand and oversubscription of a non-government IPO on the DFM in the last ten years. The shares were priced at AED 1.53 per share, at the top end of the price range, resulting in IPO proceeds of around AED 1.38 billion (approximately US$375 million), and an implied market capitalization at listing of around AED 5.51 billion (approximately US$1.5 billion).

The team

Abu Dhabi and Dubai partner Abdulwahid Alulama (pictured), together with London partner Laura Sizemore led the team, which also comprised  local partner Mahmoud Ezz (Cairo), counsel Bob Lehner (Chicago) and associates Cassy Raby, Ahmad Bin Dalmook, Camellia Homampour (all Dubai) and George Davie (London).

HSBC, Emirates NBD and Bank of America acted as joint global coordinators, EFG Hermes as joint bookrunner and Rothschild & Co as independent financial advisor.