Abu Dhabi: The highly anticipated listing of Lulu Retail on the Abu Dhabi Securities Exchange (ADX) is set to take place at 10 am on Thursday, following a record-breaking IPO that has captured global attention. The event will be marked by a formal bell-ringing ceremony, officially declaring Lulu's trading on the exchange and signalling a new chapter for both the company and the region’s retail markets. The allocation of shares has been successfully completed, and this listing also marks the 100th on ADX.

A notification regarding retail allocations was issued to subscribers on 12th November, and the refund process has already been initiated.

Lulu’s IPO raised gross proceeds of AED 6.32 billion making it the largest offering in the UAE in 2024 to date. The offering saw aggregate demand of over AED 135 billion from local, regional, and international investors, a record for a non-government UAE IPO over the past decade, and an oversubscription level of more than 25 times across all tranches. Cornerstone investors included leading sovereign and institutional investors from across the GCC.

A record 82,000 retail investors subscribed for shares in the IPO, demonstrating the trust of the public on the Lulu brand, with more than 50,000 individuals registered in the sixteen days between Lulu announcing its Intention to Float and the close of subscriptions.

The remarkable success of the Lulu IPO also highlights the growing interest in the UAE’s capital markets, with many first-time investors participating in the offering.

Key cornerstone investors in the Lulu IPO include Abu Dhabi Pension Fund, Emirates International Investment Company, Bahrain Mumtalakat Holdings, Oman Investment Authority, Kuwait Investment Authority, and Qatar Investment Authority.

LULU RETAIL

Founded in 1974, Lulu Retail, together with its subsidiaries, is the largest pan-GCC full-line retailer by selling space, sales and number of stores, operating more than 240 hypermarket, express and mini-market stores across the six GCC countries. The Group also operates a growing e-commerce presence through its mobile app, webstore and partner channels. To serve more than 600,000 shoppers from 130 nationalities every day, the Group sources products from 85 countries, enabled by an on-the-ground sourcing presence in 19 countries. The Group’s strong brand recognition and trust among consumers in the GCC is enabling the growth of its existing stores, expansion of its store network and elevated loyalty across its customer base. www.luluretail.com