Supermarket Chain Spinneys Dubai plans for IPO in 2024

Spinneys, a prominent supermarket chain, stands as a cornerstone of quality and convenience in the retail landscape. Renowned for its diverse offerings and commitment to excellence, Spinneys has become a trusted destination for customers seeking a premium shopping experience. With a rich history and a wide network of stores, it continues to redefine grocery retail.

Spinneys Dubai LLC, the franchisee overseeing the supermarket chain in the UAE and Oman, is reportedly planning an initial public offering (IPO) in the second quarter of 2024, according to three sources familiar with the matter.

Moreover, the franchise’s owner, Albwardy Investment, has enlisted Rothschild & Co for advisory services on the IPO, aiming to offer up to 30% of the company.

While Spinneys, Albwardy, and Rothschild have not responded to Reuters’ requests for comment, the potential IPO is anticipated to take place on the Dubai Financial Market, contributing to the growing food retail sector in the region.

Althought, this move follows the footsteps of other regional players, such as Americana Restaurants, which debuted in a dual listing in Abu Dhabi and Riyadh in December, and Lulu Group, expecting its IPO in the first half of 2024.

IPO activity in the Gulf is projected to pick up, building on the momentum from a successful 2022 when Saudi Arabia and the UAE led new listings, raising nearly $22 billion.

Spinneys Dubai, operating over 65 stores in the UAE and at least seven in Oman, is a key player in Albwardy’s diverse portfolio, which includes the franchise rights to Waitrose and investments in various sectors, including hospitality, industrial, engineering, commercial, insurance, agribusiness, and properties.

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