Lulu Group has initiated the initial steps for its share sale, inviting interest from investors, including expatriate shareholders, according to Lulu Retail Chairman M.A. Yusuff Ali. This marks one of the largest recent share sales in the UAE retail sector, with 2.58 billion shares up for grabs.
UAE residents with investor numbers can directly purchase shares, while those from other GCC countries can invest through broker agencies. However, investors from India will be unable to participate due to existing regulations.
The IPO process is being handled by institutions such as Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Emirates NBD Capital, HSBC Bank Middle East, Dubai Islamic Bank, and Emirates Islamic Bank. Investors will have a chance to buy into Lulu’s network of over 240 hypermarkets and supermarkets across six GCC countries.
Previously, Abu Dhabi’s state-backed ADQ invested $1 billion for a 20% stake in Lulu. The funds from the IPO will aid in expanding Lulu’s retail and food processing chains.
The IPO price will be announced on October 28, with applications open until November 5. The final price will be revealed on November 6, and allotment information will be available to retail investors by November 12. The listing is expected on November 14. Retail investors will have access to 10% of the shares, while 89% are allocated to institutional investors, and 1% is reserved for employees. Lulu aims to raise between ₹14,280 crore and ₹15,120 crore.
