Al Seer Group LLC, based in the UAE, has announced plans to offer 900,000,000 shares, equivalent to a 25% stake, of Dubai's renowned supermarket chain, Spinneys Holding, in an upcoming Initial Public Offering (IPO). The IPO is scheduled to open for subscription on April 23, with listing on the Dubai Financial Market (DFM) set for May 9, as per the company's statement.The offer price range, denominated in UAE dirhams, will be disclosed before the commencement of the offer period. Emirates NBD Bank has been appointed as the lead receiving bank for the IPO, while Rothschild & Co Middle East Limited will serve as the independent financial adviser.Retail investors will be allotted 5% of the shares, totaling 45 million, in the initial tranche. Each retail subscriber will be guaranteed a minimum allocation of 2,000 shares. The remaining 855 million shares will be allocated for professional investors and institutions in the second tranche.Spinneys Holding operates 75 high-end grocery retail supermarkets under the brands 'Spinneys,' 'Waitrose,' and 'Al Fair' across the UAE and Oman. Moreover, with plans to open its first store in Saudi Arabia in the first half of 2024, the company aims to expand its footprint in the region.This IPO marks the second listing on the DFM this year, following the successful $429 million IPO of Parkin last month. Parkin, responsible for overseeing public parking operations in the emirate, witnessed a record-breaking debut, being oversubscribed 165 times and attracting $71 billion in demand.