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Lulu Retail raises $1.72b in UAE’s largest IPO this year
Lulu Retail Holdings Plc has successfully raised US$1.72 billion through its IPO in Abu Dhabi.
The IPO drew orders totaling US$37 billion from international investors, including Vanguard Group Inc. and Singapore’s GIC.
The company sold 3.10 billion shares, representing a 30% stake, for 2.04 dirhams (US$0.56) per share. This pricing gives Lulu a valuation of 21.1 billion dirhams upon its listing on November 14.
Lulu raised its stake sale from 25% due to high demand, making it the United Arab Emirates’ largest IPO this year.
Lulu aims to expand in the Gulf region, targeting 90 new store openings over five years.
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