Lulu Retail Starts Trading on ADX Following Its Record-Breaking IPO

Marking the 100th Listing on the UAE’s Largest Exchange

HE Mohamed bin Hassan Al Suwaidi, Cabinet Member and Minister of Investment, and Yusuff Ali M.A., Chairman of Lulu Group, rang the bell to mark the official trading. 

Abu Dhabi, UAE, 14 November 2024: Lulu Retail Holdings PLC, the largest and fastest growing pan-GCC full-line retailer, successfully commenced trading on the Abu Dhabi Securities Exchange (ADX) today following its Initial Public Offering (IPO).

Mohammed bin Hassan Al Suwaidi, UAE Minister of Investment, and Yusuff Ali M.A., Chairman of Lulu Group, rang the bell to officially mark the commencement of trading on the ADX. The ceremony was attended by the top government officials, and other prominent dignitaries. Investors across the GCC, alongside Lulu employees and customers from around the world, participated in this historic moment, joining the event via live streaming.

UAE Minister of Investment Mohamed bin Hassan Alsuwaidi lauded Lulu's extraordinary contributions to the development within both the UAE and the GCC. He also remarked that Lulu's popularity has surged following its entry into public partnership.

“Today marks a historic milestone in Lulu’s retail journey, with investor confidence firmly cemented through this listing. Lulu is committed to delivering strong returns and aims to fulfil our commitment of opening 91 new stores in medium term. 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. We’re delighted to list Lulu Retail on ADX in Abu Dhabi to provide an opportunity for local and international investors’’ said Yusuff Ali MA., Chairman of Lulu.

He also expressed his sincere gratitude to the investment institutions, including members of the GCC royal families, and to the governments that have provided unwavering support to Lulu Retail.

Lulu’s IPO raised gross proceeds of AED 6.32 billion making it the largest offering in the UAE in 2024 to date. The offering saw aggregate demand of over AED 135 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 and beyond.

A record 82,000 retail investors subscribed for shares in the IPO, demonstrating consumers' awareness and connection with the Lulu brand across the GCC, with more than 50,000 individuals registering for an ADX National Investor Number (NIN) in the sixteen days between Lulu announcing its Intention to Float and the close of subscriptions. This compares to 50,000 NINs being issued during the entire 2023 calendar year. 

Saifee Rupawala, Chief Executive Officer of Lulu Retail, said: “I’m incredibly proud that the strength of Lulu and its growth story connected with so many people during our IPO, resulting in record demand of $37 billion and 82,000 retail investor subscriptions. Whilst today marks a historic milestone for Lulu, our listing does not change our primary focus of delivering exceptional service and products to our loyal customers, ensuring Lulu is where the world comes to shop. We’re confident in meeting our guidance targets for 2024 and beyond and are excited about sharing our journey with our many new shareholders around the world.”

Lulu Retail is one of the largest full-line retailers in the UAE, Oman, Qatar, Bahrain and Kuwait, and the fastest growing, largest retailer in the KSA. The home-grown company is the largest in terms of selling space, sales and number of stores, and holds the top position in modern offline retail in the GCC region.

About Lulu Retail : 

Founded in 1974, LuLu Retail is the largest pan-GCC full-line retailer by selling space, sales, and number of stores, with a 50-year legacy as a homegrown brand.

LuLu operates more than 240 hypermarket, express, and mini-market stores across the six GCC countries, spanning over 1.3 million sq. m of total retail space. It also maintains a growing e-commerce presence through its app, webstore, and partner channels. To serve more than 600,000 shoppers from 130 nationalities every day, it sources products from 85 countries, supported by an on-the-ground sourcing presence in 19 countries. The organization's strong brand recognition and trust among consumers in the GCC continues to drive the growth of its existing stores, expand its store network, and elevate loyalty across its customer base. www.luluretail.com