Spinneys’ Dubai initial public offering (IPO) is poised to hit the top end of the range, aiming to raise 1.38 billion dirhams ($375 million), reflecting robust demand for a rare private sector listing in the United Arab Emirates. The offering is anticipated to price at 1.53 dirhams per share, with books substantially oversubscribed at this level, according to details of the deal seen by Bloomberg. The final pricing is slated for announcement on May 1, with trading set to commence a week later. Al Seer Group LLC, the family behind Spinneys 1961 Holding plc, is divesting 900 million shares in the IPO, initially priced within a range starting at 1.42 dirhams.

The strong subscription for all available shares shortly after the opening of books last week signals sustained investor interest in regional listings, auguring well for other privately-owned firms contemplating IPOs in the Gulf nation. Spinneys’ IPO attracted Franklin Templeton as a cornerstone investor, a relatively rare occurrence in UAE listings, which have traditionally seen local funds as anchors.