Lulu Retail, the Abu Dhabi-based pan-GCC retailer, is set to launch its highly anticipated initial public offering (IPO) on October 28, offering 25% of its shares at a nominal value of Dh0.051 each.
The IPO will consist of over 2.58 billion shares, available through a three-tranche process running until November 5. The final offer price will be announced shortly.
In a significant move, individual investors from outside the UAE can participate in this IPO, provided they meet the necessary qualification requirements established by regulators. Detailed information regarding participation is available on Lulu Retail’s website.
Retail investors in the GCC and beyond can subscribe through designated banks, including First Abu Dhabi Bank, Dubai Islamic Bank, and Emirates NBD, among others. To engage in the IPO, investors must obtain a National Investor Number (NIN) from the Abu Dhabi Securities Exchange (ADX), which can be done through local brokerage firms.
The IPO comprises three tranches: the first tranche will offer 258.222 million shares, representing 10% of the total, with a minimum subscription of Dh5,000. Institutional investors can apply for 2.298 billion shares in the second tranche, with a minimum investment of Dh5 million. The third tranche will sell 25.822 million shares to senior executives, requiring a minimum application of Dh50,000.
Market analysts predict strong demand and potential oversubscription for this IPO, reflecting confidence in Lulu Retail's robust business model and growth prospects in the region.
News Source: Khaleej Times
