Abu Dhabi: LuLu Retail’s IPO, priced at Dh2.04 per share, witnessed overwhelming interest, with demand reaching Dh135 billion (around $37 billion) from a mix of local, regional, and international investors. The IPO’s combined demand marks it as the highest-grossing “non-government UAE IPO in the past 10 years,” with an oversubscription exceeding 25 times across all tranches, excluding cornerstone investors.
With its Dh2.04 per share pricing, the company now stands at a market capitalization of Dh21.07 billion ($5.74 billion). The stock is set to debut on the Abu Dhabi Securities Exchange (ADX) on November 14.
Saifee Rupawala, CEO of LuLu Retail, emphasized that the high level of demand reflects LuLu Retail’s strong investment appeal and iconic brand built on a leading pan-GCC market position and solid financial performance.
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The IPO saw a notable upsizing from 25% to 30% of shares offered, reserved exclusively for institutional investors, underscoring robust demand.
