Lulu aims for biggest share sale in UAE; Listing on Abu Dhabi Exchange.

Dubai : Lulu Group International’s share sale will start on 28th of this month. 25 percent shares are sold. The company will be listed on the Abu Dhabi Stock Exchange. Shares can be bought from 28th to 4th November. The company is selling 258.2 crore shares. The share price is 0.051 fils. Lulu is targeting $1.8 billion through the share sale.
In the next 5 years, Lulu sees a business potential of 100 billion dollars in the Gulf countries. Once the listing is completed, Lulu’s will be the largest share sale in the UAE. It is suggested that the sale price of the shares will be announced on the 28th. November 14 Lulu IPO to list in Abu Dhabi.
The share sale is in three parts. 25.82 crore shares in the first tranche (senior shares less risk and return), 229.18 crore shares in the second tranche (mezzanine – relatively higher risk and return) and 2.5 crore shares in the third tranche (junior shares – highest risk and return).
Abu Dhabi Commercial Bank and First Abu Dhabi Bank are the lead receiving banks. Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Middle East and EFG Hemis will act as lead manager banks. The receiving banks will be First Abu Dhabi Bank, Dubai Islamic Bank, Emirates Islamic Bank, Abu Dhabi Commercial Bank, Meshtec and Emirates NBD.

The Malayali entrepreneur’s retail chain is entering the stock market for the first time. One of the largest hypermarket chains in the UAE and GCC region, Lulu employs 50,000 people. ADQ, an Abu Dhabi investment company, acquired 20% of Lulu’s shares in 2020. This deal was for 100 crore dollars. It is decided to pay dividends to the shareholders every 6 months.