Abu Dhabi: Lulu Retail announced the resounding success of its IPO, which closed on 5th November 2024. Lulu IPO was 25 times oversubscribed across all tranches, excluding cornerstone investors, generating a demand of more than US$ 37 billion, a record for a Private sector IPO in UAE.

The final offer price for Lulu shares was set at AED 2.04 per share, which raised a total of US$ 1.72 billion (AED 6.32 billion), making it the largest IPO in the UAE for 2024 till date. Lulu Retail’s shares will begin trading on the Abu Dhabi Securities Exchange (ADX) on November 14, 2024, at 10:00 AM.

The Lulu IPO saw exceptional investor response and was oversubscribed within just one hour of opening on October 28. In response to this exceptional demand, Lulu Group increased the offer size from 25% to 30% of its total shares, to cater to a broader range of investors to participate in Lulu’s ongoing growth.

“We are deeply grateful for the overwhelming support we have received from investors across the GCC and beyond,” said Yusuff Ali M.A, Chairman of Lulu Group.

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“This IPO marks a new chapter in our journey as the region’s largest full-line retailer. We are also immensely grateful to the visionary leadership of the UAE and the GCC, including His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai, for their continued support and encouragement” He added.

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 investors in the Lulu IPO include Abu Dhabi Pension Fund, Emirates International Investment Company, Bahrain Mumtalakat Holdings, Oman Investment Authority, Kuwait Investment Authority, Qatar Investment Authority, Saudi PIF, Hassana Pension Fund, and the Singapore Sovereign Wealth Fund, among others.