Lulu Retail Holdings Plc's Abu Dhabi initial public offering (IPO) is expected to raise $1.43 billion at the top end of the set range, making it UAE's biggest listing of the year, reported Bloomberg on Monday, November 4.

The public offer is anticipated to be priced at 2.04 dirhams ($0.56) per share, based on the terms of the agreement. According to the report, at the top end of the IPO range of 1.94 dirhams, Lulu Retail Holdings's market capitalisation will reach 21.1 billion dirhams.

The shares offered by the retailer have attracted significant demand since the books opened for the deal last week, making this IPO the biggest public listing of the year, surpassing NMDC Energy’s $877 million share offer.

Through this IPO, Lulu International Holdings plans to sell a 25 per cent stake, equivalent to 2.58 billion shares in the firm. The final price for the public offer is expected to be announced on November 6, and the shares are scheduled to start trading on November 14.

Basic details about Lulu Retail<o:p></o:p>

As per the official website of the organization,&nbsp;Lulu Retail is the largest full-line retailer in the GCC, leading in sales, store count, and retail space. With 240 stores across six GCC countries, including 116 hypermarkets, 102 Express stores, and 22 Mini Markets, Lulu also has a strong omni-channel presence through its website and mobile app, along with partners like Amazon, HungerStation, Snoonu, and Talabat.

Further, the retailer offers a diverse product range sourced from 85 countries, ensuring year-round availability of quality items. Lulu Retail also supports food security initiatives, mitigating supply risks while providing customers with a compelling and balanced product offering.&nbsp;The company reported a $192 million profit last year and aims to maintain a dividend payout ratio of 75 per cent, as per the agency report.

The profit margins for the company are estimated to reach 5 per cent in the medium term, which is higher compared to the 2.6 per cent levels in 2023, the chief executive officer (CEO) told Bloomberg.&nbsp; 

Lulu Group was founded by Indian entrepreneur Yusuff Ali. The company plans to open nearly 90 stores across the Gulf Cooperation Council (GCC) countries in the next five years, focusing on Saudi Arabia and the UAE as its main expansion markets, per the report.

Abu Dhabi Commercial Bank PJSC, Citigroup Inc, Emirates NBD Capital, and HSBC Holdings Plc are the joint global coordinators on the sale, and Moelis &amp; Co is the advisor on the deal. Market participants and investors will closely follow these developments related to the company and will take informed investment decisions based on the same.

Lulu Retail Holdings Plc's Abu Dhabi initial public offering (IPO) is expected to raise $1.43 billion at the top end of the set range, making it UAE's biggest listing of the year, reported Bloomberg on Monday, November 4.

Lulu Retail Holdings Plc's Abu Dhabi initial public offering (IPO) is expected to raise $1.43 billion at the top end of the set range, making it UAE's biggest listing of the year, reported Bloomberg on Monday, November 4. The public offer is anticipated to be priced at 2.04 dirhams ($0.56) per share, based on the terms of the agreement. According to the report, at the top end of the IPO range of 1.94 dirhams, Lulu Retail Holdings's market capitalisation will reach 21.1 billion dirhams. The shares offered by the retailer have attracted significant demand since the books opened for the deal last week, making this IPO the biggest public listing of the year, surpassing NMDC Energy’s $877 million share offer. Through this IPO, Lulu International Holdings plans to sell a 25 per cent stake, equivalent to 2.58 billion shares in the firm. The final price for the public offer is expected to be announced on November 6, and the shares are scheduled to start trading on November 14. Basic details about Lulu Retail As per the official website of the organization, Lulu Retail is the largest full-line retailer in the GCC, leading in sales, store count, and retail space. With 240 stores across six GCC countries, including 116 hypermarkets, 102 Express stores, and 22 Mini Markets, Lulu also has a strong omni-channel presence through its website and mobile app, along with partners like Amazon, HungerStation, Snoonu, and Talabat. Further, the retailer offers a diverse product range sourced from 85 countries, ensuring year-round availability of quality items. Lulu Retail also supports food security initiatives, mitigating supply risks while providing customers with a compelling and balanced product offering. The company reported a $192 million profit last year and aims to maintain a dividend payout ratio of 75 per cent, as per the agency report. The profit margins for the company are estimated to reach 5 per cent in the medium term, which is higher compared to the 2.6 per cent levels in 2023, the chief executive officer (CEO) told Bloomberg. Lulu Group was founded by Indian entrepreneur Yusuff Ali. The company plans to open nearly 90 stores across the Gulf Cooperation Council (GCC) countries in the next five years, focusing on Saudi Arabia and the UAE as its main expansion markets, per the report. Abu Dhabi Commercial Bank PJSC, Citigroup Inc, Emirates NBD Capital, and HSBC Holdings Plc are the joint global coordinators on the sale, and Moelis & Co is the advisor on the deal. Market participants and investors will closely follow these developments related to the company and will take informed investment decisions based on the same.

Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.

Indian oil-to-telecoms conglomerate Reliance Industries said on Sunday that the Abu Dhabi Investment Authority (ADIA) will buy 1.16% of its digital unit Jio Platforms for 56.83 billion rupees ($752 million). ADIA's investment in Jio Platforms, which comprises Reliance's telecoms arm Jio Infocomm and its music and video streaming apps, gives the unit an enterprise value of 5.16 trillion rupees, Reliance said in a regulatory filing. Reliance, controlled by India's richest man Mukesh Ambani, has now sold just over 21% of Jio Platforms to investors including Facebook Inc, securing nearly $13 billion in less than seven weeks. On Friday, Abu Dhabi's state fund Mubadala Investment Co announced it would purchase a 1.85% stake in Jio Platforms for 90.93 billion rupees. "The rapid growth of the (Jio) business, which has established itself as a market leader in just four years, has been built on a strong track record of strategic execution," Hamad Shahwan Aldhaheri, executive director in ADIA's private equities department, said in a statement. With estimated assets of nearly $700 billion, ADIA is chaired by the president of the United Arab Emirates, Sheikh Khalifa bin Zayed al-Nahyan, while its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. With more than 376 million users, Jio Infocomm is India's biggest telecoms firm by subscribers. Since entering the market in 2016 with free voice service and cut-price data it has forced out several rivals and driven consolidation in the sector. Ambani has always pitched Jio as a tech company instead of a traditional mobile carrier, often saying publicly that "data is the new oil".

Reliance says Abu Dhabi Investment Authority invests $752 million in digital unit

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Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO

Reliance says Abu Dhabi Investment Authority invests $752 million in digital unit