“Lulu” raises 6.32 billion dirhams from its initial public offering… and the share price is set at 2.04 dirhams

Lulu Retail Holding PLC announced today the success of the price construction and subscription process for its initial public offering on the Abu Dhabi Securities Market.

Lulu Retail confirmed that the final offering price for its ordinary shares was set at 2.04 dirhams per share, which is the upper limit of the previously announced price range, which means that the group’s market value upon listing amounts to 21.07 billion dirhams (about 5.74 billion dollars).

The proceeds from the offering amounted to 6.32 billion dirhams (about $1.72 billion), making it the largest initial public offering in the United Arab Emirates in 2024 so far.

The offering witnessed a total demand from local, regional and international investors exceeding 135 billion dirhams (about 37 billion dollars), which represents a record for a non-governmental initial public offering in the United Arab Emirates over the past ten years, as the subscription in total exceeded the target value by more than 25 times. Across all segments (excluding Anchor Investors).

Demand was exceptional from individual investors, with more than 82,000 investors participating in the first tranche, representing a new record for an initial public offering in the United Arab Emirates over the past ten years.

The shares are expected to be accepted for trading on the Abu Dhabi Securities Market on Thursday, November 14, 2024, as the listing of “Lulu Retail” represents the 100th listing on the Abu Dhabi Securities Market.

Saifuddin Rupawala, CEO and member of the Board of Directors, said: “We are pleased with the strong demand witnessed by the initial public offering of Lulu Retail, which raised more than $1.72 billion, with the total demand reaching $37 billion, which confirms the eagerness of investors to participate in the success journey of our company.” “.

He added: “We are making every effort to achieve our goals for the year 2024 and beyond to consolidate shareholders’ confidence in our company, and the exceptional level of demand reflects our ability to attract new investments, and confirms the reputation of Lulu Retail and its distinguished brand, which is based on its leading position in the GCC market, and commitment With world-class customer experience, strong financial performance, and a well-defined growth strategy.”

He said: “We are also pleased that our initial public offering has witnessed record levels of demand from individual investors in the UAE, as more than 82,000 investors participated in the subscription in the first tranche. We welcome all our new shareholders and look forward to them participating with us in the journey of growth and achieving our ambitions for the year 2017.” 2024 and beyond.