Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
Lulu Retail, which successfully raised over Dh6.32 billion through IPO after being oversubscribed by 25 times, started trading at the Abu Dhabi Securities Exchange (ADX) on Thursday morning.
A bell-ringing ceremony was organised at ADX premises to mark the start of trading of Lulu Retail shares under ticker LULU. Lulu Retail is the 100th listing at the ADX, marking a key milestone in the stock exchange’s history.
Lulu shares began trading at a lesser price than the listed price but later regained value to close without any gain. Thursday’s closing price for Lulu remained at Dh2.04, the price at which the investors bought the shares. On day one, there were no gains and no losses for the shareholders.
Mohamed bin Hassan Alsuwaidi, UAE Minister for Investment, Abdulla Salem Alnuaimi, Group Chief Executive Officer of ADX, Yusuffali M.A., Chairman of Lulu Retail and Saifee Rupawala, Chief Executive Officer of Lulu Retail, were among the several top officials present on the occasion.
Speaking on the occasion, Yusuffali MA said: “Our listing on ADX marks a day of great pride for the entire Lulu team. Many of our 55,000 employees have been with our company for decades, demonstrating their commitment to providing for our customers and to growing our business We’re delighted to list Lulu Retail on ADX in our home of Abu Dhabi.”
Striking a personal note, Yusuffali said: “I came to the UAE on December 31, 1973. I never dreamt I will stand here to list our company at this prestigious stock exchange.”
Ghannam Butti Almazrouei, Chairman of ADX, remarked: “The successful listing of Lulu Retail Holdings underscores the UAE’s economic resilience and dynamism. Lulu’s inclusion in ADX’s expanding portfolio highlights the UAE's efforts to cultivate a robust, multi-sector economy.”
Abdulla Salem Alnuaimi added: “Lulu’s landmark achievement reflects the strength of the UAE economy and ADX’s role as a facilitator of growth. With Lulu’s listing, we have added an additional Dh21 billion to our market capitalisation. We are particularly pleased to see international investors, including those from ADX’s Tabadul exchange members, participating in this offering through their local brokers. This demonstrates the increasing appeal of Abu Dhabi’s capital market and our commitment to fostering cross-border investment.”
Saifee Rupawala said: “I am immensely proud that the strength of the Lulu brand and our growth story resonated with so many during our IPO. While today marks a historic milestone for us, our primary focus remains on delivering exceptional service and products to our loyal customers. Our commitment to investing in growth is stronger than ever, as evidenced by the opening of 16 new stores so far this year. We are confident in achieving our guidance targets for 2024 and beyond.”
