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White & Case advises Spinneys on Dubai Financial Market IPO

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Global law firm White & Case LLP advised Spinneys 1961 Holding PLC (Spinneys), a leading supermarket retail operator in the UAE and Oman, on its listing on the Dubai Financial Market (DFM).

The initial public offering was achieved through the sale of 900 million ordinary shares, representing 25 percent of the issued share capital of Spinneys, by its shareholder Al Seer Group LLC. HSBC, Emirates NBD and Bank of America acted as joint global coordinators, EFG Hermes as joint bookrunner and Rothschild & Co as independent financial advisor.

Spinneys is the first company in the Dubai International Financial Center to be listed on the DFM and the second Dubai IPO to include a price stabilization mechanism. The IPO had an aggregate supply of 64 times, excluding the key tranche, which is the highest level of demand and oversubscription for a non-government IPO in the DFM in the last ten years. The shares were priced at AED 1.53 per share, at the upper end of the price range, resulting in IPO proceeds of around AED 1.38 billion (approximately US$375 million) and a listing-implied market capitalization of around of AED 5.51 billion (approximately US$375 million). US$1.5 billion).

The White & Case team advising on the transaction was led by partners Abdulwahid Alulama (Abu Dhabi and Dubai) and Laura Sizemore (London) and included local partner Mahmoud Ezz (Cairo), lawyer Bob Lehner (Chicago) and associates Cassy Raby, Ahmad Bin Dalmook, Camellia Homampour (all Dubai) and George Davie (London).

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