Spinneys’ $375 Million Dubai IPO Draws Orders Worth $19 Billion

High-end supermarket chain Spinneys received about 71 billion dirhams ($19.3 billion) in orders for its $375 million Dubai initial public offering, underscoring strong appetite for a rare private sector listing in the United Arab Emirates.

The offering was 64 times oversubscribed, excluding the cornerstone tranche, according to a statement on Wednesday. Investors snapped up all shares on offer minutes after books opened last week, indicating continued strong demand for regional listings.

Customers shop inside a Spinneys supermarket in Dubai.

Photographer: Natalie Naccache/Bloomberg

Al Seer Group LLC, the family behind Spinneys 1961 Holding plc, sold 900 million shares at 1.53 dirhams apiece, which is at the top of a marketed ...