Lulu Retail Holdings PLC, the GCC's largest full-line retailer, made a notable debut on the Abu Dhabi Securities Exchange (ADX) under the ticker “LULU” following its record-breaking Initial Public Offering (IPO).
The IPO raised AED 6.32 billion (approx. $1.72 billion), marking the largest IPO in the UAE in 2024, and attracted demand exceeding AED 135 billion (approx. $37 billion) from local, regional, and global investors. This interest represents an oversubscription of more than 25 times across all tranches, excluding cornerstone investors, who included prominent sovereign and institutional entities from the GCC.
Ghannam Butti Almazrouei, Chairman of ADX, highlighted the listing as a reflection of the UAE's economic dynamism and ADX's role in fostering a diversified financial ecosystem.
“Lulu’s listing enhances ADX’s portfolio and underscores Abu Dhabi's position as a premier financial hub,”
he stated, noting the milestone aligns with the UAE’s vision for sustainable economic growth.
Lulu Retail's Chairman, Yusuffali M.A., expressed pride in the company’s listing, attributing this achievement to the dedication of Lulu's 55,000 employees and the supportive environment fostered by regional leaders.
"This listing enables local and international investors to share in Lulu's growth journey,"
he added.
ADX’s Group CEO, Abdulla Salem Alnuaimi, celebrated Lulu as ADX’s 100th listed company, emphasizing the impact of this milestone on Abu Dhabi’s market capitalization, which has now grown by an additional AED 21 billion.
News Source: Emirates News Agency
