Mair Group (ADX:MAIR) made its market debut on the Abu Dhabi Securities Exchange on Monday with the reference price of its shares set at 1.16 Emirati dirhams apiece, giving the group a market capitalization of 2.6 billion dirhams. The direct listing is part of the United Arab Emirates-based investment company's strategy to bolster its food and commercial real estate businesses and support the UAE's food security efforts, a same-day release stated.
The group commenced trading under the ticker symbol MAIR. "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," Mair Group Chief Executive Officer Nehayan Al Amer said.
"Our future plans include expanding our retail presence and advancing our real estate projects, which will drive sustainable value creation for shareholders." Mair Group was founded in 1977 as a cooperative society and has since developed into a diversified business. It was established as a consolidated company in 2024, operating over 100 stores under the ADCOOP and Spar brands, as mentioned in an earlier release.
Additionally, the group partners with local farmers to promote sustainability via its farm-to-fork strategy. The company booked a revenue of 1.2 billion dirhams in the first half of 2024 and more than 2 billion dirhams in full-year 2023. Its project pipeline for 2025 includes rebranding and repositioning existing retail stores to ADCOOP and Spar brands and investing in the refurbishment of the Al Ain Mall in Abu Dhabi..