Lulu Retail Holdings Plc offering size increased to cater for significant international, regional demand

Lulu Retail Holdings PLC (“Lulu Retail”, or “Lulu”, and together with its subsidiaries, the Group), today announced an increase in the size of its initial public offering (IPO” or the Offering) on the Abu Dhabi Securities Exchange (ADX).

The total Offering size has been increased to 3,098,671,605 (three billion ninety-eight million six hundred seventy-one thousand six hundred and five) ordinary Shares from the previously announced 2,582,226,338 (two billion five hundred eighty-two million two hundred twenty-six thousand three hundred and thirty-eight) ordinary Shares.

The Offering size now represents 30% (previously 25%) of the total issued Shares in the Company (the “Offer Shares”), which are to be sold by the Company’s sole shareholder, Lulu International Holdings Limited (the “Selling Shareholder”). The additional 516,445,267 Offer Shares have been wholly allocated to the Qualified Investor Offering (Tranche Two), accessible to Professional Investors only, as defined in the Local Prospectus.

The Offer Price Range is unchanged at between AED 1.94 and AED 2.04 per Share. Assuming all the shares offered are sold, the total size of the Offering has been revised to between AED 6.01 billion (c. $1.64 billion) and AED 6.32 billion (c. $1.72 billion). Based on the Offer Price Range, Lulu Retail is set to list with a market capitalization of between AED 20.04 billion (c. $5.46 billion) and AED 21.07 billion (c. $5.74 billion).

The final offer price (“Final Offer Price”) will be determined through a book building process and is expected to be announced on Wednesday 6 November 2024.

Admission of Lulu Retail Shares to trading on the Abu Dhabi Securities Exchange (ADX) (the “Admission”) under ticker symbol “LULU” is expected to take place on Thursday 14 November.

Saifee Rupawala, Chief Executive Officer of Lulu Retail, said: “The established pan-GCC presence of Lulu Retail and our clear strategy for growth has attracted a highly diverse investor base, and we’re pleased to increase the total size of the Offering to cater to the significant level of demand received from international, regional and local investors, and the inclusion of additional cornerstone investors to the IPO.”

Lulu Retail also announced today the addition of Masarrah Investment Company (Masarrah Invest) as a Cornerstone Investor, joining the previously announced Cornerstone Investors (i) Abu Dhabi Pension Fund (ADPF), (ii) Bahrain Mumtalakat Holding Company Co. B.S.C. (Mumtalakat), (iii) Emirates International Investment Company LLC (EIIC) and (iv) Oman Investment Authority (OIA).