Lulu Group to launch IPO next week in Abu Dhabi, sell 25% stake
In significant news for investors, LuLu Group has announced its plan to sell 25 percent of its shares through an initial public offering (IPO) at the Abu Dhabi Securities Exchange (ADX), with a nominal value of Dh0.051 each.
According to Lulu, it plans to offer 2.6 billion shares through the IPO, with the subscription to open on October 28 and close on November 5. The shares are expected to be listed on November 14 onwards. The offer price range will be announced on the same day or before the opening of the offering on October 28.
Furthermore, 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.
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
Lulu Group
LuLu Group International operates a chain of hypermarkets and retail companies, headquartered in Abu Dhabi, United Arab Emirates. Founded in 2000 by M.A. Yusuff Ali, who hails from Kerala, the Group primarily runs "LuLu Hypermarket," which ranks among the top grocers in many of its markets.
With over 65,000 employees from various nationalities, LuLu is one of the largest retail chains in Asia and the biggest in the Middle East, boasting 259 outlets across Gulf Cooperation Council (GCC) countries and beyond.