Lulu Retail Sets Abu Dhabi Records With $1.7 Billion IPO

Lulu Retail Holdings (ADX:LULU) debuted on the Abu Dhabi Securities Exchange on Thursday in what was the bourse's biggest initial public offering year-to-date and marked its 100th listed company.The hypermarket chain operator raised 6.32 billion Emirati dirhams or roughly $1.72 billion. The offering was 25x oversubscribed with demand hitting a record $37 billion and 82,000 retail investor subscriptions. Lulu also noted that its float is the biggest for a non-government IPO in the United Arab Emirates in over 10 years.Adnoc Gas (ADX:ADNOCGAS) holds the title for the biggest-ever IPO in the Emirates' capital with $2.5 billion in March 2023.Lulu's IPO plan was announced Oct. 21 and priced Nov. 6. at the top end of its price range."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," Chairman Yusuffali M.A. said in a statement.Lulu was established in 1974 and owns 241 stores. It said it is the biggest full-line retailer in the pan-Gulf Cooperation Council region. Its revenue grew 5.6% year over year in the first half of 2024 to $3.9 billion.The stock was mostly in the red during its first trading session but closed flat at 2.04 dirhams.

Lulu Retail Sets Abu Dhabi Records With $1.7 Billion IPO

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