Lulu Retail, the largest pan-GCC full-line retailer, announced on Monday an increase in the size of its initial public offering (IPO) to 30 percent, up from the previously stated 25 percent. The total offering size has been expanded to over 3.09 billion shares (3,098,671,605) from the earlier announced over 2.58 billion (2,582,226,338) ordinary shares. The additional 516,445,267 shares have been entirely allocated to the qualified investor offering – tranche two, which is exclusively accessible to professional investors. The offer price range remains unchanged at between Dh1.94 and Dh2.04 per share, as stated on Monday. Assuming all the offered shares are sold, the total size of the IPO has been adjusted to between Dh6.01 billion and Dh6.32 billion. Based on the Offer Price Range, Lulu Retail is poised to list with a market capitalization of between Dh20.04 billion and Dh21.07 billion. The final offer price will be determined through a book-building process and is anticipated to be announced on Wednesday. The admission of Lulu Retail shares to trading on the Abu Dhabi Securities Exchange is expected to occur on November 14.
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