UAE – Mubasher: Lulu Retail Holdings intends to proceed with an Initial Public Offering (IPO) to trade its shares on the Abu Dhabi Securities Exchange (ADX), according to a press release.
The company plans to float 2.58 billion ordinary shares, representing 25% of its total issued share capital, at a nominal value of AED 0.05 per share.
The subscription period will take place from 28 October to 5 November 2024 for UAE retail investors, professional investors, and eligible senior executives.
Admission of the shares to trading on ADX is expected to take place on or around Thursday, 14 November. Meanwhile, the final offer price will be determined through a book building process.
Yusuffali Ali, Founder, Chairman and Non-Executive Director of Lulu Retail, indicated: “Integral to our growth is the vision and ambition of the UAE, KSA and the other GCC nations where strong national leadership is enabling positive demographic and consumption trends and driving impressive economic growth.”
Saifee Rupawala, CEO of Lulu Retail, said: “Over the past 50 years, we have grown from one store in Abu Dhabi to the largest pan-GCC retailer by market share and the fastest-growing player of scale in the Kingdom of Saudi Arabia.”
“Every day, Lulu serves more than 600,000 shoppers, enabled by our unmatched international sourcing network across 85 countries, ensuring we are deeply rooted in all GCC markets and able to offer over 200,000 active SKUs, catering to all our customers’ diverse needs,” Rupawala added.
The CEO highlighted: “With GCC retail presenting a $100 billion market opportunity over the next five years and our business in the Kingdom of Saudi Arabia primed for further growth, we are confident that Lulu will continue to be where the world comes to shop.”
Dividends Policy
Lulu Retail is targeting a total dividend payout ratio of 75% of annual distributable profits after tax, disbursed semi-annually. A dividend for the six months ended 31 December 2024 will be paid in the first half (H1) of 2025.
