Page 65 - SALIK PR REPORT OCTOBER 2024

To name a few, utility services provider Dewa was oversubscribed 37 times, Salik 49
times, Parkin 165 times, Borouge 45 times and others.
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Lulu Retail Holdings’ IPO will run from October 28 to November 5, offloading a 25 per
cent stake through three tranches. This could be the UAE’s largest IPO this year due to
the robust growth of the retail sector, and a strong dividend policy among other factors.
It is expected that the final offer price will also be competitively priced, which will attract
a wider investor base.
Joseph Dahrieh, managing principal at Tickmill, said the Lulu IPO, which is set to raise
approximately $2 billion, could see significant interest and be oversubscribed.

Joseph Dahrieh
“Investor demand could be several times greater than the shares available, with some
estimates suggesting oversubscription levels similar to, or even surpassing, recent high-
profile IPOs in the region. Lulu’s market presence and investor confidence as well as
the sheer size of the listing could support a strong demand, making it one of the most
anticipated IPOs in the GCC,” said Dahrieh.

https://www.khaleejtimes.com/business/markets/uae-lulu-ipo-set-to-maintain-trend-of-heavy-
oversubscription-say-analysts