Supermarket chain Spinneys is seeking to raise as much as $375 million from the sale of a 25 per cent stake in an initial public offering, it disclosed on Tuesday.
The indicative price range was set between AED 1.42 and AED 1.53, implying a market capitalisation of between AED 5.11-5.51 billion ($1.39-1.50 billion), it said in a statement.
"We have got very positive feedback from all the investors internationally or regionally," CEO Sunil Kumar told Reuters.
The company has attracted two cornerstone investors in Emirates International Investment Company (EIIC), the strategic investment arm of Abu Dhabi-based National Holding, and Franklin Templeton, he added.
They have committed to take up an aggregate $75 million in the offering, according to the statement.
The final pricing will be determined at the end of the book-building period, which is slated for April 30, it said in a statement, adding shares were expected to start trading on May 9.
Dubai's TECOM Group has announced a 15 per cent year-on year (YoY) growth in net profit to AED 293 million for the three month period ended March 31, 2024.
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Changpeng Zhao, the former chief executive of Binance has been sentenced to four months in prison after pleading guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
Emirates Airline has announced significant changes to its pilot recruitment strategy, which includes higher salaries, new roles and a radical change to eligibility.
Submissions have opened for the first edition of a major initiative to honour food establishments in Dubai for their excellence in standards for safety, nutrition, sustainability and social responsibility.