Retail giant LuLu Group International will raise between 5.01 billion and 5.27 billion UAE dirhams ($1.36bn-$1.43bn) from its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The offer price range is set between 1.94 dirhams and 2.04 dirhams per share, with an estimated market capitalisation of between 20.04bn dirhams and 21.07bn dirhams.
The subscription period for UAE retail investors, eligible senior executives, and professional investors started yesterday and ends on November 5. The final offer price will be determined through a book building process and announced on November 6.
Cornerstone investors, including Abu Dhabi Pension Fund, Mumtalakat, Oman Investment Authority and Emirates International Investment Company, have committed to invest approximately 753 million dirhams.
LuLu plans to list 2.58bn shares, representing 25 per cent of its total share capital, on the ADX on November 14. The company aims to pay out 75pc of its annual distributable profits as dividends.
Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank, and Citigroup are joint bookrunners, while Moelis & Co is the financial adviser.
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