Begin typing your search above and press return to search.
proflie-avatar
Login
exit_to_app
Trump
access_time 7 Nov 2024 5:00 AM GMT
A consoling verdict
access_time 6 Nov 2024 5:12 AM GMT
Kamala or Trump?
access_time 5 Nov 2024 4:05 AM GMT
Break up or get dissolved
access_time 4 Nov 2024 4:01 AM GMT
Through oneness to autocracy
access_time 2 Nov 2024 4:58 AM GMT
exit_to_app
Homechevron_rightMiddle Eastchevron_rightUAEchevron_rightLuLu Retail raises...

LuLu Retail raises record AED 6.32 billion through IPO, UAE's largest listing of 2024

text_fields
bookmark_border
LuLu Retail raises record AED 6.32 billion through IPO, UAEs largest listing of 2024
cancel

LuLu Retail, the UAE-based retail giant, has successfully raised AED 6.32 billion (approximately Rs 14,501 crore) through its initial public offering (IPO), marking the largest listing in the UAE for 2024.

The hypermarket chain, which operates across the Gulf Cooperation Council (GCC) region, made the announcement on November 6, following the completion of the book build and public subscription process on the Abu Dhabi Securities Exchange (ADX).

The offering, which set the final price of its shares at AED 2.04 each, attracted substantial interest from investors. Demand reached an extraordinary AED 135 billion, a record for a non-governmental IPO in the UAE over the past decade.

The IPO was oversubscribed by more than 25 times across all investor tranches, excluding cornerstone investors. This significant demand came from both local and international investors, with over 82,000 retail investors participating, setting a new record for a UAE IPO.

The shares are expected to begin trading on the ADX on November 14, 2024. LuLu Retail, which has more than 240 hypermarkets and shopping malls across 10 countries, is renowned for its market leadership and robust financial performance.

The company intends to pay out 75% of its annual distributable profits after tax as dividends, with payouts planned for the six months ending December 31, 2024, and the first half of 2025.

The IPO, which opened for subscription on October 28, saw overwhelming demand, with the company increasing the offering size from 25% to 30% to accommodate more investors. The strong investor interest is seen as a reflection of the company's prominent position in the region and its clear growth strategy.

Founded in 1974 by Indian entrepreneur M.A. Yusuff Ali, LuLu Retail has grown into one of the most influential supermarket chains in the Gulf, with a significant presence in the region.

Show Full Article
TAGS:IPOM A Yusuff AliLuLu RetailADXGulf Cooperation Council
Next Story