Abu Dhabi: On November 14, Lulu Retail will officially start trading on the Abu Dhabi Securities Exchange (ADX), marking a landmark achievement as the 100th listing on the platform. The event will be celebrated with a bell-ringing ceremony scheduled for 10 a.m., symbolizing a significant moment for Lulu and the region’s retail industry. Following a highly successful Initial Public Offering (IPO), which raised AED 6.32 billion, Lulu’s listing has become the largest UAE IPO for 2024. Oversubscribed more than 25 times, the IPO attracted demand totaling over AED 135 billion from a broad range of local, regional, and international investors, setting a record for non-government IPOs in the UAE over the last decade.
More than 82,000 retail investors participated, including over 50,000 new registrations within a short 16-day period, underscoring Lulu’s strong reputation and the public’s confidence in the brand. The allocation process has been completed, and refunds for oversubscriptions have commenced. Key cornerstone investors include major entities such as the Abu Dhabi Pension Fund, Emirates International Investment Company, Bahrain Mumtalakat Holdings, Oman Investment Authority, Kuwait Investment Authority, and Qatar Investment Authority.
Founded in 1974, Lulu Retail is recognized as the largest pan-GCC full-line retailer, operating over 240 hypermarkets and stores across six GCC countries, along with a rapidly expanding e-commerce platform. The brand serves more than 600,000 customers daily from diverse backgrounds and sources products from 85 countries. This successful IPO not only underscores Lulu’s growing influence in the UAE retail sector but also reflects an increased interest in the UAE’s capital markets from a broad range of investors.
