Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
MAIR Group, which runs over 100 retail stores under the ADCOOP and SPAR brands, made a spectacular debut at the Abu Dhabi Securities Exchange (ADX) on Monday. Shares of the company started trading at the ADX after the direct listing.
Rooted in the cooperative movement and backed by over 12,000 shareholders, MAIR Group opted for a direct listing, bypassing the traditional initial public offering (IPO) route. This approach allows the company to list all existing shares directly on the exchange without raising additional capital. MAIR Group is the rebranded version of Abu Dhabi Cooperative Society.
Trading began at a reference price of Dh1.16 per share, with an initial market capitalisation of approximately Dh2.6 billion. By the close of its first trading day, the share price had surged to Dh2.95, representing a remarkable 154.31% increase. The price reached Dh5.7 per share at the peak of trading. The market capitalisation soared to Dh6.58 billion, underscoring the market's enthusiasm for the stock.
MAIR Group's substantial portfolio includes over 12 shopping centres with 330,000 square metres of leasable space. Iconic properties such as the Mall of Al Ain and Makani Community Centres are key highlights.
In preparation for its listing, shareholders approved a 1:20 stock split at the Annual General Meeting on October 7. This move increased the share count from 111.54 million to 2.23 billion, reducing the par value of each share from Dh10 to 50 fils. Notably, no individual shareholder owns more than 5% of the company’s stake, as disclosed in ADX filings.
Captain Mohamed Juma Al Shamisi, Chairman of MAIR Group, hailed the listing as a landmark achievement. “This marks a defining moment in the journey of MAIR Group. By taking the bold step of a direct listing, this milestone reflects our belief in empowering our community of loyal partners and supporters to participate in building a better future.
“This listing is not just about the numbers—it is about reaffirming our commitment to growth, opportunities, and building a legacy of trust and shared success,” he added.
Abdulla Salem Alnuaimi, Chief Executive Officer of ADX, commented: “We congratulate MAIR Group on their successful listing, marking the 26th listing of a financial security on ADX this year. This milestone enhances our diversified sector offerings and highlights ADX as the preferred platform for financial growth in the UAE and beyond.”
Nehayan Al Ameri, Chief Executive Officer of MAIR Group, stated: “Being listed is a transformative move that positions MAIR Group for the next phase of growth and innovation. With a strong portfolio across food retail, commercial real estate, and strategic investments, this listing offers a transparent platform for investors to participate in our long-term success.”
