Spinneys 1961 Holding plc today announced that it will increase the number of shares allocated to the UAE Retail Offering of its initial public offering (IPO) on Dubai Financial Market (DFM), following high levels of demand.

In a statement on Tuesday, the company said that the public offering (UAE Retail Offering) to subscribers in the First Tranche has been increased from 45,000,000 Shares to 63,000,000 Shares, equivalent to 7% of the total Offer Shares (previously 5% of the Offer Shares).

The decision to increase the allocation size of the UAE Retail Offering is based on significant investor demand from the First Tranche subscribers.

The statement added that the total size of the offering remains unchanged at 900,000,000 Shares, representing 25% of the company's total issued share capital.

To accommodate the increased allocation of the UAE Retail Offering, the number of shares allocated to Professional Investors (Qualified Investor Offering and as referred to in the UAE Prospectus as Second Tranche subscribers) has been reduced from 855,000,000 Shares to 837,000,000 Shares, equivalent to 93% of the total Offer Shares (previously 95% of the Offer Shares).

The IPO subscription period remains unchanged as subscription closed yesterday Monday 29th April for the UAE Retail Investors, and on Tuesday 30th April for Professional Investors.

Spinneys is expected to commence trading on the DFM on Thursday 9th May 2024.