Reported 19 days ago
Lulu Retail Holdings Plc’s $1.72 billion IPO in Abu Dhabi has garnered an impressive $37 billion in orders from global investors, including Vanguard and GIC. The company sold a 30% stake at 2.04 dirhams per share, aiming for a market cap of 21.1 billion dirhams. Initially targeting a smaller offering, the strong demand led Lulu to boost the IPO size, making it the largest in the UAE for the year. Lulu plans to expand significantly in the Gulf, particularly in Saudi Arabia and the UAE.
Source: YAHOO