Lulu Retail Sets IPO Price Range as Subscription Opens

Lulu Retail has announced an offer price range which was at Dh1.94 per share on the low-end and at Dh2.04 on the high-end; this resulted in a market capitalization between Dh20.04 billion and Dh21.07 billion. The retail giant plans to raise a total amount that will become the biggest IPO (Initial Public Offering) the UAE has ever witnessed by raising a total amount ranging between Dh5.01 billion and Dh5.27 billion.

Subscriptions are opened from 28th October 2024, Monday, and they remain open until Tuesday, 5th November, to all investors. The last price at which the share is offered will be revealed during the book-building process. The results are anticipated to be released on Wednesday, 6th November 2024. Lulu Retail Holdings will sell shares more than 2.582 billion, representing 25% of its issued shares.

CEO Saifee Rupawala said the offer price “reflects feedback from every kind of investor, at a global level, regionally and domestically. “This is a great opportunity for the market – our loyal customers included – to be a part of our growth story,” he said.

About Dh753 million core investment in Dubai headquartered GDN Group, amongst which have received major investors Abu Dhabi Pension Fund along with Bahrain Mumtalakat Holding Company; after listing in which agreement has been finalized to exercise lock-up, 180 days after listing”.

The IPO has opened avenues for individual investors to seek applications with a minimum Dh5,000 investment level for the first tranche, which aggregates 258.222 million shares, while institutional investors can request applications with a minimum request of Dh5 million in value. A third tranche has also been created for senior executives at Lulu Retail.

Subscribed by GCC residents and Indian investors only, subscriptions details are further available through UAE brokerages. The National Investor Number (NIN) for interested investors would be indispensable for their subscription.