Page 50 - SALIK PR REPORT OCTOBER 2024

cornerstone investors’ shares are subject to a 180-day lock-up arrangement,

following the listing on November 14.)

"More than 600,000 people shop with Lulu every day across our multiple

store formats, which cater for all shopping experiences and bring the world

to the GCC through our diverse and extensive product range,"

said Rupawala. "We expect continued strong macro-economic growth
across our six markets driven by favourable demographic and consumption

trends.

"And we continue to invest in our business to drive growth and loyalty

across our existing 240-store network while also opening new stores."

LuLu Retail's operational base extends to the six Gulf states, and there is

more the retailer intends to get done in Saudi Arabia. In the UAE, the

company has focused on creating a wider shopping destination built around

the hypermarkets.

"LuLu’s attractive valuation likely ensures that the allocation will not only

be well oversubscribed but offer significant value for its investor base," said

Sameer Lakhani, Managing Director at Global Capital Partners. "The

valuations compare favorably to its retail peers in Western markets. The

growth engine along with its dividend policy ensures that demand
from retail and institutional investors will be strong."

In 2023, LuLu had earnings of around $753 million, reflecting a year-over-

year increase of about 7.2%, according to Arun John, Chief Market Analyst
at Century Financial. "Investors looking for stable dividends will also be

interested in the IPO," said John

"DEWA, Salik and Parkin - nearly everyone in Dubai uses the services of

these three companies. Their IPOs were oversubscribed 37, 49 and 165