Abu Dhabi, UAE — Lulu Retail Holdings has set the share price for its IPO at AED2.04 per share ($0.56), raising AED 6.32 billion ($1.72 billion), implying a market capitalization of the Group at listing of AED 21.07 billion ($5.74 billion).
The gross proceeds of $1.72 billion make it the largest UAE IPO of 2024 to date.
The Offering achieved aggregate demand of over AED135 billion ($37 billion) from local, regional, and international investors, a record for a non-Government UAE IPO over the past 10 years, with the IPO oversubscribed by more than 25 times across all tranches (excluding Cornerstone Investors).
The IPO received exceptional retail investor interest, with more than 82,000 retail investors subscribing to the Offering – a record for a UAE IPO over the past 10 years.
Admission of the shares to trading on ADX is expected to take place on Thursday 14th November 2024, with Lulu Retail marking the 100th listing on ADX.
Saifee Rupawala, Chief Executive Officer of Lulu Retail, said, “We look forward to rewarding the trust shown by investors in Lulu and remain confident we will achieve our guidance targets in 2024 and beyond.”
