Page 158 - ALEF EDUCATION PR REPORT OCTOBER 2024

10/29/24, 12:06 PM Lulu IPO: Retailer aims to raise up to $1.43bn from Abu Dhabi listing | The National

Lulu is the latest company seeking to sell shares to the public amid an increase in listings in the

UAE driven by robust investor demand for new issues. The continued economic momentum in the

country has also boosted listings across sectors on both the ADX and the Dubai Financial Market.

ADNH Catering, a unit of Abu Dhabi National Hotels, raised Dh864 million through the sale of a 40
per cent stake to the public after pricing its shares at the top of the indicated range this month. The

ADNH Catering public offering followed NMDC Energy, a unit of Abu Dhabi contractor National

Marine Dredging Company, which began trading on the ADX after raising $877 billion.

The NMDC Energy deal surpassed the $515 million raised by Alef Education in June but is smaller
than healthcare operator Pure Health’s $986 million listing in December last year.

The pipeline of potential IPOs is also growing, with Delivery Hero, the Germany-based food

delivery platform, announcing in August that it is preparing to list shares of its UAE subsidiary,

Talabat, on the Dubai bourse.

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