Yusuff Ali-led Lulu Group's UAE IPO fully subscribed in 1 hour; details inside
The initial public offering (IPO) of Lulu Retail Holdings was fully subscribed within an hour of opening on Monday. The company has set a price band of AED 1.94 to AED 2.04 per share and will be listed on the Abu Dhabi Securities Exchange (ADX).
The IPO is open for subscription from October 28 to November 5. The initial share sale consists of 2,582,226,338 shares, representing 25% of the company's total issued shares. The company's offer size is expected to range from $1.36 billion to $1.43 billion. Abu Dhabi Commercial Bank and First Abu Dhabi were appointed as joint lead receiving banks.
"I am delighted to announce Lulu’s listing on the Abu Dhabi Securities Exchange (ADX), the latest milestone in our exciting growth journey. As we cement our position as the largest Pan-GCC retailer, with 240 stores across three formats, we are proud and excited to invite new shareholders to share in the Lulu journey. We are committed to growing our diverse store network, enhancing our existing stores and providing more products our customers love, while rewarding loyal customers. Driven by investments in our digital capability, unmatched global souring capability, our private label product line and customer loyalty, Lulu is delivering consistent top and bottom-line growth," said Yusuff Ali MA,Chairman, Lulu Retail, said a few days ago.
With regional macroeconomic and demographic tailwinds behind us, we believe now is a perfect time to bring Lulu to market and further enable our ambitious growth plans."
Timetable for Subscription and Listing:
- Offering Commencement Date: 28 October 2024 (The Offer Period for the First, Second, and Third Tranches shall continue for nine days for accepting Subscribers’ applications.)
- Closing Date of the First, Second, and Third Tranches: 5 November 2024
- Announcement of Final Offer Price: 6 November 2024
- Announcement of Final Allotment of Shares for Second Tranche Subscribers: 6 November 2024
- Preparation of Allocation for First Tranche and Third Tranche: 12 November 2024
- SMS Confirmation to Successful Subscribers of First and Third Tranches: 12 November 2024
- Commencement of Refunds and Dispatch of Allotment Notifications: 13 November 2024
- Expected Date of Listing the Shares on the ADX: 14 November 2024