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ABU DHABI / WAM
Lulu Retail Holdings, the largest and fastest growing pan-GCC full-line retailer, successfully commenced trading on the Abu Dhabi Securities Exchange (ADX) on Thrusday following its Initial Public Offering (IPO) and trading under the ticker “LULU”.
Lulu’s IPO raised gross proceeds of AED 6.32 billion (around $1.72 billion) making it the largest offering in the UAE in 2024 to date. The offering saw aggregate demand of over AED 135 billion (around $37 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.
Ghannam Butti Almazrouei, Chairman of ADX, said: “The successful listing of Lulu Retail Holdings on ADX underlines the UAE’s economic resilience and dynamism, bolstering ADX’s diversified sector offerings and paves the way for more consumer and retail issuers to tap into ADX’s platform. Lulu’s addition to ADX’s growing portfolio reflects the UAE’s strides in cultivating a robust, multi-sector economy.”
“As this year’s largest IPO in the UAE, Lulu drew incredible demand from a global investor base, solidifying ADX’s role as a premier gateway for capital flows. This milestone aligns with ADX’s commitment to sustainable economic development, reinforcing Abu Dhabi’s position as a leading financial hub and advancing the UAE’s long-term vision. We are proud to support Lulu Retail and all our listed companies as they drive our nation’s financial growth and prosperity, contributing to a brighter and thriving economic future.”
Yusuffali M A, Chairman of Lulu Retail, said: “Our listing on ADX marks a day of great pride for the entire Lulu team. Many of our 55,000 employees have been with our company for decades, demonstrating their commitment to providing for our customers and to growing our business, and this achievement would not have been possible without them. Our journey has been guided by the aspiration and vision of our regional leaders and their commitment to supporting the growth and success of businesses like ours. 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.” Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, said: “Firstly, we extend our heartful congratulations to the Lulu Retail team on their successful listing on ADX. Lulu’s landmark achievement, underscores the robustness of the UAE economy and ADX’s role as a growth enabler and listing platform. 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 capitalisation.”
“This demonstrates the growing attraction of Abu Dhabi’s capital market and the exchange’s commitment to fostering cross-border investment.”