According to three sources with firsthand knowledge of the situation, Spinneys Dubai LLC, the grocery chain’s franchisee in the United Arab Emirates and Oman, plans to go public in the second quarter of 2024.

According to the individuals, who asked to remain anonymous since the preparations are private, Rothschild & Co. was retained by Albwardy Investment, the franchise’s 100% owner, to provide advice on the anticipated IPO.

This week, it encouraged banks to submit bids for roles in the offering, which was predicted to account for up to 30% of the business.

Requests for comment from Reuters were not immediately answered by Spinneys, Albwardy, or Rothschild.

The Dubai Financial Market-planned possible IPO of Spinneys Dubai would bolster the region’s modest but expanding food retail industry.

KFC and Pizza Hut franchisee for the Middle East and North Africa, Americana Restaurants, also sells frozen meals, and made its debut in December with a twin listing in Riyadh and Abu Dhabi.

The chairman of the mall and hypermarket operator Lulu Group stated earlier this month that it plans to go public in the first half of 2024 and that it has recruited Moelis & Co to serve as its advisors, confirming a report by Reuters from October 2022.

After a remarkable 2022, when Saudi Arabia and the UAE dominated new listings, collecting up to $22 billion – more than half the total for the entire Europe, Middle East, and Africa region, according to Dealogic data, IPO activity in the Gulf is set to increase up.

Despite this, Middle Eastern businesses raised $5.3 billion through 23 market debuts in the first half of this year.

According to its website, Spinneys Dubai runs more than 65 outlets around the UAE. Additionally, according to Albwardy’s website, it runs at least seven outlets in Oman.

Albwardy, which claims to have a yearly revenue of over $1 billion, also holds the franchise rights to Waitrose, a high-end British grocery chain.

It was established in the middle of the 1970s and has investments in Nestle UAE and many Four Seasons hotels in the hospitality sector.

The portfolio of Albwardy also includes the agribusiness, commercial and insurance, industrial and engineering, and real estate industries.

(Adapted from NewsWav.com)