Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Lulu Retail Holdings has increased the number of shares offered in the IPO from 25% to 30% of the total issued shares.
In a statement, the company said the offer size has increased to 3.098 billion shares from 2.582 billion shares.
The additional 516 million shares have been wholly allocated to the segment of qualified investors (Tranche 2), the statement noted.
Assuming that all shares are priced at the highest range of Dh2.04 per share, the value of the shares on offer rises to Dh6.32 billion.
Meanwhile, a report indicated that Lulu is likely to price its shares at the top end of the range—Dh1.94 to Dh2.04.
Valued at Dh2.04 a share, the company will have a market capitalization of Dh21.1 billion, Bloomberg News reported based on the terms of the deal seen by it.
Subscription for over 3.09 billion shares, which constitute 30% of the total shares, began on October 28 and will end on November 5 for both retail and professional investors.
The formal announcement of the offer price will be made on November 6, and the shares are likely to be listed on the Abu Dhabi Securities Market (ADX) on November 14.
The shares were oversubscribed within hours of the start of the subscription on October 28.
The Lulu IPO is the largest IPO in the UAE so far this year, surpassing the previous IPO of NMDC Energy, which raised Dh3.22 billion.
