The much-anticipated initial public offering (IPO) for UAE retailer LuLu Group is set to open on October 28 on the Abu Dhabi Securities Exchange (ADX).
Abu Dhabi: The Abu Dhabi-based company will offer a 25 percent stake in the business, with retail investors eligible to acquire a minimum of 1,000 shares.
The subscription period will open on Monday, October 28, and close on Tuesday, November 5.
In a press note, Yusuffali M.A., founder, Chairman and Non-Executive Director of LuLu Retail, said, “It’s with immense pride that we announce the planned IPO of LuLu Retail on ADX, bringing to market the largest pan-GCC full-line retailer by selling space, sales and number of stores.”
Adding further, he stated: “We have exceeded our own expectations and today Lulu operates more than 240 stores across six GCC countries, delivering immense value every day for new and loyal customers.”
Retail investors in the UAE will have the opportunity to participate in the IPO, with a minimum guaranteed allocation of 1,000 shares. The offer price will be announced on the same day or before the subscription period begins.
The IPO will see LuLu Group offer a 25 percent stake to the public, with 10 percent of that allocation reserved for retail investors. Eligible employees of the company will enjoy a higher minimum allocation of 2,000 shares.
The company will announce the share price on the opening day of the subscription, which runs from October 28 to November 5. A total of 2.582 billion shares will be available through a three-tranche process, with the shares listed on the Abu Dhabi Securities Exchange anticipated by November 14, 2024.
LuLu Group, one of the largest retailers in the GCC, operates over 240 stores across the region, employing more than 50,000 people.
With its strong financial performance and reputation as a leading retailer, LuLu Group’s IPO is expected to draw significant interest from both local and international investors.
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