Page 51 - SALIK PR REPORT OCTOBER 2024

times, respectively. Looking at a private supermarket chain IPO, Spinneys

was oversubscribed 64 times in aggregate."

By November 5 or November 6, the final reading of what LuLu retail has

conjured up as over-subscription will be revealed.

Based on data for the Top 10 IPOs in the region
this year, aggregate oversubscription stood at

over 100x (including retail and institutional

tranches) while the oversubscription for the
retail tranche averaged around 30x. We believe

that retail subscription largely depends on the

maturity of the stock market and the overall

addressable population.