Nov 7 :
Within the first hour of its October 28th opening, the Lulu IPO was oversubscribed, a testament to the extraordinary interest shown by investors. Lulu Group extended the offer size from 25% 0% of its total shares in response to this unprecedented demand, allowing a broader spectrum of investors to participate in Lulu's continued growth.
The first public offering (IPO) of Lulu Retail, which ended on November 5, 2024, was a smashing success, the company said. With a demand of over US$ 37 billion, the Lulu IPO broke the record for a private sector IPO in the UAE. The demand was 25 times higher across all tranches, excluding cornerstone investors.
With a final offer price of AED 2.04 per share, Lulu became the biggest initial public offering (IPO) in the United Arab Emirates for 2024, raising a total of USS 1.72 billion (AED 6.32 billion). On November 14, 2024, at 10:00 AM, the Abu Dhabi Securities Exchange (ADX) will commence trading of Lulu Retail's shares. Within the first hour of its October 28th opening, the Lulu IPO was oversubscribed, a testament to the extraordinary interest shown by investors. Due to the overwhelming demand, Lulu Group decided to increase the offer size from 25% to 0% of its total shares. This will allow a wider spectrum of investors to be a part of Lulu's further growth.
Chairman Yusuff Ali M.A. of Lulu Group expressed profound gratitude for the extraordinary support they have garnered from investors in the GCC and beyond. Our career as the largest full-line retailer in the region enters a new chapter with this IPO. Additionally, he extended his deepest gratitude to the forward-thinking government officials of the United Arab Emirates and the Gulf Cooperation Council (GCC), particularly the president of the UAE, His Highness Sheikh Mohamed bin Zayed Al Nahyan, and the vice president, prime minister, and ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, for their unwavering backing and encouragement.
Many first-time investors took part in the Lulu IPO, which is a testament to the increasing interest in the capital markets of the UAE. Among the many notable investors in the Lulu c IPO are the following: Bahrain Mumtalakat Holdings, Abu Dhabi Pension Fund, Emirates International Investment Company, Oman Investment Authority, Saudi PIF, Hassana Pension Fund, Singapore Sovereign Wealth Fund, Kuwait Investment Authority, and Qatar Investment Authority.
Approximately the six GCC countries, LuLu runs approximately 1.3 million sq. m. of retail space through more than 240 hypermarket, express, and mini-market locations. Additionally, it keeps expanding the reach of its online store, app, and partner channels for online purchases. With an on-the-ground sourcing presence in 19 countries and products sourced from 85 nations, it serves over 600,000 shoppers every day from 130 different nationalities. Existing store growth, store network expansion, and customer loyalty are all being propelled by the brand organization's great awareness and trust among GCC consumers.
