Lulu Retail Holdings PLC in the present day introduced the profitable completion of the bookbuild and public subscription course of for its preliminary public providing (IPO) on the Abu Dhabi Securities Change (ADX).
Lulu Retail confirms the Closing Supply Value for its bizarre shares has been set at AED2.04 per Share, pricing on the prime of the beforehand introduced Supply Value Vary and implying a market capitalisation of the Group at itemizing of AED21.07 billion (c. $5.74 billion).
The Providing raised gross proceeds of AED6.32 billion (c. $1.72 billion), making it the biggest UAE IPO of 2024 up to now.
The Providing achieved combination demand of over AED135 billion (c. $37 billion) from native, regional, and worldwide buyers, a document for a non-Authorities UAE IPO over the previous 10 years, with the IPO oversubscribed by greater than 25 instances throughout all tranches (excluding Cornerstone Buyers).
The IPO obtained distinctive retail investor curiosity, with greater than 82,000 retail buyers subscribing to the Providing – a document for a UAE IPO over the previous 10 years.
Admission of the Shares to buying and selling on ADX is anticipated to happen on Thursday 14th November 2024, with Lulu Retail marking the a centesimal itemizing on ADX.
Saifee Rupawala, Chief Govt Officer of Lulu Retail, stated, “We’re extraordinarily proud to see such robust demand for the Lulu Retail IPO, which raised over $1.72 billion and noticed whole combination demand of c. $37 billion, an indication that buyers share our ardour and pleasure for the Firm. We stay up for rewarding the belief proven by buyers in Lulu and stay assured we’ll obtain our steering targets in 2024 and past.
The excessive stage of demand displays Lulu Retail’s enticing funding proposition and iconic model, which is constructed on our main pan-GCC market place, dedication to world-class buyer expertise, sturdy monetary efficiency, and a well-defined technique for progress. We’re additionally extremely happy to see extraordinarily robust and document demand from UAE retail buyers, with greater than 82,000 subscribing for shares. We welcome all our new shareholders and stay up for sharing our journey with them as we proceed to develop and ship on our ambition for 2024 and past.”
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