Ad

Lulu Retail Holdings Plc Expands Offering Size to Meet High Global and Regional Demand

Lulu Retail Holdings Plc Expands Offering Size to Meet High Global and Regional Demand
Ad

Lulu Retail Holdings PLC, a leading retail group in the GCC, announced an increase in its initial public offering (IPO) size on the Abu Dhabi Securities Exchange (ADX).

The IPO has expanded to 3.1 billion shares, up from the previously disclosed 2.58 billion shares, raising the offering to 30% of the company's total shares from the initial 25%.

The additional 516 million shares will be allocated exclusively to the Qualified Investor Offering, catering to professional investors, as defined in the local prospectus. The IPO’s price range remains set between AED 1.94 and AED 2.04 per share. If all shares are sold, the offering will raise between AED 6.01 billion ($1.64 billion) and AED 6.32 billion ($1.72 billion), bringing Lulu Retail’s projected market capitalization to approximately AED 20.04 billion ($5.46 billion) to AED 21.07 billion ($5.74 billion).

The final offer price will be determined through a book-building process, with an announcement expected on Wednesday, November 6, 2024. Lulu Retail’s shares are anticipated to begin trading on ADX under the ticker "LULU" on Thursday, November 14.

CEO Saifee Rupawala remarked,

"Our established pan-GCC presence and growth strategy have attracted a highly diverse investor base. The expanded offering size accommodates the strong demand from international, regional, and local investors."

In addition to its robust backing, Lulu Retail introduced Masarrah Investment Company as a new cornerstone investor, joining Abu Dhabi Pension Fund, Bahrain Mumtalakat Holding Company, Emirates International Investment Company, and Oman Investment Authority.

News Source: Emirates News Agency

Ad
Ad
Shahba Mayyeri

Written by Shahba Mayyeri

Shahba is a Content Creator at HiDubai with 3 years of experience in crafting compelling stories and articles. She holds a Master’s degree in Media and Communications from MAHE Dubai.
Ad
Dark Light