Lulu Retail announced on Wednesday that its final offer price for shares is Dh2.04 each, which is at the top of the previously announced price range. This pricing gives the company a market value of Dh21.07 billion.
The initial public offering (IPO) attracted over Dh135 billion in demand from local, regional, and international investors, setting a record for non-government UAE IPOs in the last decade. The offering was oversubscribed by more than 25 times across all categories.
The IPO raised Dh6.32 billion, making it the largest UAE IPO of 2024 so far.
On Monday, Lulu Retail increased its initial public offering size from 5% to 30%, allowing more shares for professional investors.
The total offering size grew to over 3.09 billion shares (3,098,671,605), up from the earlier figure of over 2.58 billion shares (2,582,226,338).
The additional 516,445,267 shares were allocated entirely to the qualified investor offering, which is available only to professional investors.
Lulu Retail plans to list its shares for trading on the Abu Dhabi Securities Exchange on November 14.
Cornerstone investors have committed over Dh1 billion ($273 million), with Emirates International Investment Company (EIIC) pledging to subscribe to $100 million. These cornerstone investors’ shares will be locked up for 180 days.
