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Lulu Retail starts trading on ADX following mega IPO

Thursday, 14 November 2024 22:28

By ARN News Staff

@ADX_AE/ X

Lulu Retail Holdings PLC, commenced trading on the Abu Dhabi Securities Exchange (ADX) on Thursday following its Initial Public Offering and trading under the ticker 'LULU'.

The IPO raised gross proceeds of AED 6.32 billion making it the largest offering in the UAE in 2024 to date.

The offering saw aggregate demand of over AED 135 billion from local, regional and international investors, a record for a non-Government UAE IPO over the past 10 years, and an oversubscription level of more than 25 times across all tranches (excluding Cornerstone Investors).

Cornerstone investors included leading sovereign and institutional investors from across the GCC.

"We’re delighted to list Lulu Retail on ADX in our home of Abu Dhabi and to provide an opportunity for local and international investors to benefit from the opportunity in our region and the growth and ambition of Lulu Retail," said Yusuffali M.A., Chairman of Lulu Retail.

"As the 100th listed company on ADX, Lulu has set the record as the largest private sector IPO for a home-grown company in the UAE. Its inclusion in the ADX family adds an additional AED 21 billion to our market capitalization," added Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX.

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