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 increased the size of its initial public offering (Lulu Retail IPO) on the Abu Dhabi Securities Exchange (ADX).
KEY HIGHLIGHTS
• The total Offering size of the Lulu Retail IPO has been increased to 3,098,671,605 (three billion ninety-eight million six hundred seventy-one thousand six hundred and five) ordinary Shares from the previously announced 2,582,226,338 (two billion five hundred eighty-two million two hundred twenty-six thousand three hundred and thirty-eight) ordinary Shares.
• The Offering size now represents 30 percent (previously 25 percent) of the total issued Shares in the Company, which are to be sold by the Company’s sole shareholder, Lulu International Holdings Limited.
• The additional 516,445,267 Offer Shares have been wholly allocated to the Qualified Investor Offering, accessible to Professional Investors only, as defined in the Local Prospectus.
• The Offer Price Range is unchanged at between AED 1.94 and AED 2.04 per Share.
• Assuming all the shares offered are sold, the total size of the Offering has been revised to between AED 6.01 billion ($1.64 billion) and AED 6.32 billion ($1.72 billion).
• Based on the Offer Price Range, Lulu Retail is set to list with a market capitalization of between AED 20.04 billion (c. $5.46 billion) and AED 21.07 billion (c. $5.74 billion).
• The final offer price will be determined through a book-building process and is expected to be announced on 6 November 2024.
• Admission of Lulu Retail Shares to trading on ADX under the ticker symbol “LULU” is expected to take place on 14 November.
Saifee Rupawala CEO – Lulu Retail
“The established pan-GCC presence of Lulu Retail and our clear strategy for growth has attracted a highly diverse investor base, and we’re pleased to increase the total size of the Offering to cater to the significant level of demand received from international, regional and local investors, and the inclusion of additional cornerstone investors to the IPO.”
ADDITIONAL CORNERSTONE INVESTOR
Lulu Retail also announced the addition of Masarrah Investment Company (Masarrah Invest) as a Cornerstone Investor, joining the previously announced Cornerstone Investors (i) Abu Dhabi Pension Fund (ADPF), (ii) Bahrain Mumtalakat Holding Company (Mumtalakat), (iii) Emirates International Investment Company LLC (EIIC) and (iv) Oman Investment Authority (OIA).
The IPO subscription period opened on Monday 28 October and will be closed on 5 November 2024 for the UAE Retail Offering (including Eligible Employees of the Group), Eligible Senior Executives, and for Professional Investors.
The completion of the Offering and Admission is currently expected to take place on or around 14 November 2024, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of admission to listing and trading on the ADX.
