Lulu Retail Holdings, the largest and fastest growing pan-GCC full-line retailer and a public company limited by shares incorporated in the Abu Dhabi Global Market (ADGM), has completed the bookbuild and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
KEY HIGHLIGHTS
Lulu Retail confirms the Final Offer Price for its ordinary shares has been set at AED 2.04 ($0.56) per share, pricing at the top of the previously announced Offer Price Range and implying a market capitalization of the Group at the listing of AED 21.07 billion ($5.74 billion).
The Offering raised gross proceeds of AED 6.32 billion ($1.72 billion), making it the largest UAE IPO of 2024 to date.
The Offering achieved aggregate demand of over AED 135 billion ($37 billion) from local, regional, and international investors, a record for a non-Government UAE IPO over the past 10 years, with the IPO oversubscribed by more than 25 times across all tranches (excluding Cornerstone Investors).
The IPO received exceptional retail investor interest, with more than 82,000 retail investors subscribing to the Offering, a record for a UAE IPO over the past 10 years.
Admission of the Shares to trading on ADX is expected to take place on Thursday 14 November 2024, with Lulu Retail marking the 100th listing on ADX.
Saifee Rupawala CEO – Lulu Retail
“We’re extremely proud to see such strong demand for the Lulu Retail IPO, which raised over $1.72 billion and saw total aggregate demand of $37 billion, a sign that investors share our passion and excitement for the Company. We look forward to rewarding the trust shown by investors in Lulu and remain confident we will achieve our guidance targets in 2024 and beyond. The high level of demand reflects Lulu Retail’s attractive investment proposition and iconic brand, which is built on our leading pan-GCC market position, commitment to world-class customer experience, robust financial performance, and a well-defined strategy for growth.”
“We’re also incredibly pleased to see extremely strong and record demand from UAE retail investors, with more than 82,000 subscribers for shares. 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,” Rupawala added.
DETAILS OF FINAL PRICE
The final offer price has been set at AED 2.04, at the top end of the previously announced offer price range, raising offer proceeds of AED 6.32 billion ($1.72 billion). The Company and the Selling Shareholder confirm the Offering size of 3,098,671,605 (three billion ninety-eight million six hundred seventy-one thousand six hundred and five) ordinary Shares, equivalent to 30 percent of the Company’s total issued share capital.
As announced on Monday 4 November, the total Offering size was increased during the book-building period to cater to the significant local, regional and international demand received.
The Offering was over 25 times oversubscribed with orders of more than AED 135 billion ($37 billion) received across all tranches (excluding Cornerstone Investors).
Based on the Final Offer Price, Lulu Retail’s market capitalization upon listing will be AED 21.07 billion ($5.74 billion).
Investors who subscribed through the First and Third Tranches will receive an SMS confirmation of their respective allocation commencing Tuesday 12 November, with refunds due to commence from Wednesday 13 November.
