Page 157 - 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
The subscription period for the public float opened today and will end on November 5 for retail,

institutional and senior executive tranches.

The final offer price will be determined through a book-building process and is expected to be
announced on November 6. Lulu expects its shares to begin trading on the ADX on November 14.

All shares offered through the public float are being sold by the company’s sole shareholder, Lulu

International Holdings.

Lulu is targeting a total dividend payout ratio of 75 per cent of annual distributable profits after tax,

paid semi-annually. The company aims to pay dividends for the six months ending December 31 and
in the first half of 2025.

It expects “strong macroeconomic growth” across its network, driven by favourable demographic
and consumption trends, Saifee Rupawala, chief executive of Lulu Retail, said.

“Our offering presents a unique opportunity for local and international investors to participate in

[Lulu's] growth … we continue to invest in our business to drive growth and loyalty … while also
opening new stores, enhancing our operational efficiencies, growing our private label range and our

online and e-commerce business,” he said.

Lulu also expects up to 10 per cent revenue growth this year with plans to open new stores in the

Gulf region as it moves forward with its IPO, its chief financial officer Prasad KK told The
National last week.

“The UAE is our main market and Saudi Arabia is our growth market. We are growing across the

two markets,” he said.

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