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11/7/24, 1:10 PM Lulu IPO: Retailer raises $1.72bn in UAE’s largest listing this year | The National
Lulu IPO: Retailer raises $1.72bn in UAE’s largest listing this year

Offering received total demand of over $37 billion from local, regional and international investors

Sunil Singh
November 06, 2024

UAE retail major Lulu Group has raised Dh6.32 billion ($1.72 billion) through its initial

public offering, making it the country's largest listing so far this year.

The hypermarket chain operator priced its shares at the top of the indicated range amid
strong investor demand for listings in the region.

The retailer set the final price at Dh2.04 per share for its public float on the Abu Dhabi

Securities Exchange, it said on Wednesday.

It offered 3,098,671,605 ordinary shares, or 30 per cent of its total share capital, implying

a market valuation on listing of Dh21.07 billion.

The float, which was oversubscribed by more than 25 times across all tranches (excluding

cornerstone investors), received aggregate demand of over Dh135 billion from local,

regional and international investors.

"We’re pleased to see extremely strong and record demand from UAE retail investors,

with more than 82,000 subscribing for shares," Saifee Rupawala, chief executive 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."

The company’s shares are expected to commence trading on the Abu Dhabi Securities

Exchange on November 14, subject to regulatory approvals.

On Monday, Lulu Retail boosted the size of its IPO to 30 per cent of its shares, up from 25
per cent, on strong demand and an additional cornerstone investor.

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