When the group is listed, its market value is $5.74 billion.
The price-building and subscription process for Lulu Retail Holdings PLC's IPO on the Abu Dhabi Securities Exchange was successful, the company stated today, Wednesday.
The group's market value upon listing is AED 21.07 billion, or $5.74 billion, according to Lulu Retail, which verified that the final offering price for its common shares was established at AED 2.04 per share, which is the upper end of the previously indicated price range.
The Emirates News Agency "WAM" reports that the offering's proceeds totaled AED 6.32 billion, or $1.72 billion, making it the biggest IPO in the United Arab Emirates in 2024 to date.
The offering was oversubscribed by more than 25 times across all tranches (excluding cornerstone investors), and the total demand from local, regional, and foreign investors exceeded AED 135 billion (US$37 billion), setting a record for a non-government IPO in the United Arab Emirates over the previous ten years.
The first tranche attracted nearly 82,000 investors, setting a new record for an IPO in the United Arab Emirates in the previous decade.
On Thursday, November 14, 2024, the shares are anticipated to be permitted to trading on the Abu Dhabi Securities Exchange (ADX), which will be LuLu Retail's 100th listing on the ADX.