Lulu Retail Holdings PLC today completed its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), marking the largest UAE IPO of 2024 so far.
The company announced its final offer price at AED 2.04 per share, set at the top end of its price range, bringing its market valuation to AED 21.07 billion (around $5.74 billion).
The IPO generated AED 6.32 billion (c. $1.72 billion) in gross proceeds, with aggregate demand reaching over AED 135 billion (c. $37 billion) from local, regional, and international investors. This response set a record for non-government UAE IPOs in the last decade, with demand oversubscribed more than 25 times across all investor tranches, excluding cornerstone investors.
Retail investors showed particularly high interest, with over 82,000 individuals subscribing to the offering—setting a 10-year record for UAE IPOs. Lulu Retail’s shares are expected to debut on ADX on Thursday, November 14, 2024, marking the 100th listing on the exchange.
Saifee Rupawala, CEO of Lulu Retail, expressed pride in the robust investor interest, calling it
“a sign that investors share our passion and excitement for the Company.”
He added,
“We welcome all our new shareholders and look forward to sharing our journey with them as we continue to grow and deliver on our ambition for 2024 and beyond.”
The successful IPO underscores Lulu Retail’s appeal as a leading brand in the GCC, built on a strong market position, financial performance, and growth-focused strategy.
News Source: Emirates News Agency
