Lulu Retail Holdings PLC has announced the launch of its Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX). The subscription period for the IPO, which is open to both retail and institutional investors, will begin today, until November 5, 2024.
The company has set the offer price range between AED1.94 and AED2.04 per share. At this price range, the IPO could raise between AED5.01 billion and AED5.27 billion.
More so, it aims to list on the ADX on November 14, 2024. Lulu Retail plans to pay out 75% of its annual distributable profits as dividends, with the first dividend expected in the first half of 2025.
In a statement, Saifee Rupawala, Chief Executive Officer of Lulu Retail, said, ”Our offering presents a unique opportunity for local and international investors to participate in the growth of the largest pan-GCC retailer by market share and the fastest-growing player of scale in the Kingdom of Saudi Arabia.”
She further added that more than 600,000 people shop with Lulu every day across multiple store formats, which cater for all shopping experiences.
SOURCE: WAM
