ABU DHABI: Lulu Retail has confirmed that the Final Offer Price at the initial public offering (IPO) that closed for subscription yesterday has been set at AED2.04 per share.
With the IPO attracting full subscription during the first hour itself, it was a foregone conclusion that the share would be priced at the upper end of the band, at AED2.04. On the count, the issue stands oversubscribed 25 times.
Market cap at AED21.07bn
This is the top end of the previously announced Offer Price Range of AED1.94-AED2.04 implying a market capitalisation of the group at listing of AED21.07 billion ($5.74 billion).
Lulu Retail Holdings on Wednesday (Nov 6) announced the successful completion of the book-build and public subscription process for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
Grossed AED6.32bn
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 AED135billion ($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 good 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 the Abu Dhabi Securities Exchange (ADX) is expected to take place on Thursday, November 14, 2024, with Lulu Retail marking the 100th listing on ADX.
CEO says
Saifee Rupawala, Chief Executive Officer of Lulu Retail, said, “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.”
