Lulu IPO is oversubscribed by 25 times

A.SREENIVASA REDDY (ABU DHABI)

Lulu Retail’s Initial Public Offer (IPO) is oversubscribed by 25 times across all tranches, the company announced in a statement.

Lulu also confirmed the final offer price at the top of the range — Dh2.04 per share, implying a market capitalisation Dh21.07 billion.

The offering raised gross proceeds of Dh6.32 billion ($1.72 billion), making it the largest UAE IPO of 2024 to date.

The offering achieved aggregate demand of over Dh135 billion ($37 billion) from local, regional, and international investors, setting a record for a non-government UAE IPO over the past 10 years.

The IPO received exceptional retail investor interest, with more than 82,000 retail investors bidding for the shares.