LuLu Retail Holdings, the largest and fastest-growing pan-GCC full-line retailer, announced its intention to proceed with an Initial Public Offering (IPO) and to list its shares on the Abu Dhabi Securities Exchange (ADX).
The company will offer 2,582,226,338 ordinary shares, representing 25 per cent of its total issued shares, to UAE retail investors, professional investors, and eligible senior executives.
The subscription period will open on Monday and end on November 5.
The company targets a total dividend pay-out ratio of 75pc of annual distributable profits after tax, paid semi-annually. The final Offer Price will be determined through a book building process.
LuLu Retail founder, chairman, and non-executive director MA Yusuffali said: “We’re proud to announce the IPO of Lulu Retail on ADX, bringing to market the largest pan-GCC full-line retailer.”
Saifee Rupawala, chief executive of LuLu Retail, added: “LuLu is a brand synonymous with retail in the GCC. We’re incredibly proud to launch our IPO today. Over the past 50 years, we have grown from one store in Abu Dhabi to the largest pan-GCC retailer by market share.”
The group operates retail stores under the LuLu brand in the UAE, Saudi Arabia, Oman, Qatar, Kuwait, and Bahrain. It has a strong omni-channel presence, including brick-and-mortar stores and e-commerce retailing
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