Lulu's IPO raises AED6.32 billion, share price set at AED2.04

 Lulu Retail Holdings PLC contiguous announced the palmy completion of the bookbuild and nationalist subscription process for its archetypal nationalist offering (IPO) connected the Abu Dhabi Securities Exchange (ADX).

Lulu Retail confirms the Final Offer Price for its mean shares has been acceptable astatine AED2.04 per Share, pricing astatine the apical of the antecedently announced Offer Price Range and implying a marketplace capitalisation of the Group astatine listing of AED21.07 cardinal (c. $5.74 billion).

The Offering raised gross proceeds of AED6.32 cardinal (c. $1.72 billion), making it the largest UAE IPO of 2024 to date.

The Offering achieved aggregate request of implicit AED135 cardinal (c. $37 billion) from local, regional, and planetary investors, a grounds for a non-Government UAE IPO implicit the past 10 years, with the IPO oversubscribed by much than 25 times crossed each tranches (excluding Cornerstone Investors).

The IPO received exceptional retail capitalist interest, with much than 82,000 retail investors subscribing to the Offering – a grounds for a UAE IPO implicit the past 10 years.

Admission of the Shares to trading connected ADX is expected to instrumentality spot connected Thursday 14th November 2024, with Lulu Retail marking the 100th listing connected ADX.

Saifee Rupawala, Chief Executive Officer of Lulu Retail, said, “We’re highly arrogant to spot specified beardown request for the Lulu Retail IPO, which raised implicit $1.72 cardinal and saw full aggregate request of c. $37 billion, a motion that investors stock our passionateness and excitement for the Company. We look guardant to rewarding the spot shown by investors successful Lulu and stay assured we volition execute our guidance targets successful 2024 and beyond.

The precocious level of request reflects Lulu Retail’s charismatic concern proposition and iconic brand, which is built connected our starring pan-GCC marketplace position, committedness to world-class lawsuit experience, robust fiscal performance, and a well-defined strategy for growth. We’re besides incredibly pleased to spot highly beardown and grounds request from UAE retail investors, with much than 82,000 subscribing for shares. We invited each our caller shareholders and look guardant to sharing our travel with them arsenic we proceed to turn and present connected our ambition for 2024 and beyond.”

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