Spinneys supermarket franchisee sets IPO price range, to raise up to $375 mln

DUBAI, April 23 (Reuters) - Supermarket chain Spinneys' franchisee in the United Arab Emirates and Oman is seeking to raise as much as $375 million from the sale of a 25% stake in an initial public offering, it disclosed on Tuesday.

The indicative price range was set between 1.42 dirhams and 1.53 dirhams, implying a market capitalisation of between 5.11-5.51 billion dirhams ($1.39-1.50 billion).

Spinneys 1961 Holding will offer 900 million shares, or 25% of its issued share capital, on the Dubai Financial Market.

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.

($1 = 3.6726 UAE dirham)

(Reporting by Federico Maccioni; Editing by Jamie Freed)

((Federico.maccioni@thomsonreuters.com; +971 527370852;))

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