Spinneys sets IPO price range at AED1.42-AED1.53

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.