UAE retail giant LuLu will sell 2.58 billion shares, representing 25% of its stake through a three-tranche IPO that will start on October 28 and close on November 25.
The company will list its shares on the Abu Dhabi Securities Exchange (ADX) next month. The announcement of the final offering price will be on 6 November. The expected date of listing the shares on the ADX is 14 November.
Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Bank Middle East and EFG Hermes are joint lead managers. FAB and ADCB are the joint lead receiving banks, and the latter also retained as a listing advisor.
Founded by Yussuff Ali in the 90s and headquartered in Abu Dhabi, UAE sovereign investor ADQ also bought a 20% stake worth just over US$ 1bn in the group in 2020, paving the way for an investment supporting the group’s expansion of operations in Egypt.
