Lulu Retail IPO Opens Today on ADX with Shares Offered at AED 1.94 - AED 2.04

Lulu Retail Holdings PLC, the UAE’s leading pan-GCC retailer, has officially opened the subscription period for its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The offering’s price range has been set between AED 1.94 and AED 2.04 per share, with the subscription window running until Tuesday, November 5, 2024, for UAE Retail Investors, Eligible Senior Executives, and Professional Investors.

The IPO includes 2.58 billion shares, representing 25% of the company’s total issued shares, all to be sold by the sole shareholder, Lulu International Holdings Limited. The expected market capitalization upon listing ranges between AED 20.04 billion and AED 21.07 billion, positioning the company for continued expansion.

Strategic Investors Commit AED 753 Million

Cornerstone investors, including Abu Dhabi Pension Fund, Bahrain Mumtalakat Holding, Emirates International Investment Company (EIIC), and Oman Investment Authority, have committed to purchasing shares totaling AED 753 million, with a lock-up period of 180 days post-listing.

Future Dividends and Listing Date

Lulu Retail intends to distribute dividends semi-annually at a payout ratio of 75% of annual distributable profits after tax, with the first dividend expected in the first half of 2025. The company is set to debut on the ADX on Thursday, November 14, 2024, pending regulatory approval.

Investors can access the prospectus and further details on Lulu Retail’s official IPO page at www.luluretail.com/ipo/.