Muscat – The total offering size has been raised to 3.10 billion ordinary shares, up from the previously announced 2.58 billion shares. This represents 30 percent of the company’s total issued shares, which was previously at 25 percent. The shares will be sold by the company’s sole shareholder, Lulu International Holdings Limited.
The additional 516 million shares have been fully allocated to professional investors, as outlined in the local prospectus. The offer price range remains unchanged, set between 1.94 and 2.04 dirhams per share.
The final pricing is scheduled for November 6, with shares expected to begin trading on the Abu Dhabi Stock Exchange on November 14.
Lulu Retail also announced the addition of Masarrah Investment Company as a cornerstone investor in the IPO.
In a press statement, Saifee Rupawala, Chief Executive Officer of Lulu Retail, commented, “The established pan-GCC presence of Lulu Retail and our clear strategy for growth have attracted a highly diverse investor base. We’re pleased to increase the total size of the offering to meet the significant demand from international, regional, and local investors, as well as to include additional cornerstone investors in the IPO.”