Lulu Retail Holdings has announced it will increase the size of its initial public offering (IPO) to 30 per cent.
The IPO on the Abu Dhabi Securities Exchange (ADX) originally offered 25 per cent in the IPO, but has increased the offering due to high demand.
The IPO has been increased to 3.1bn ordinary shares, up from the 2.58bn previously announced.
LuLu Retail IPO in Abu Dhabi
The additional shares have been allocated to professional investors only, as defined in the local prospectus and the offer price remains unchanged at between AED1.94 and AED2.04 per share.
The final share price and the projected market capitalisation of the retail giant are expected on Wednesday, November 6.
Saifee Rupawala, CEO of Lulu Retail, said, “The established pan-GCC presence of Lulu Retail and our clear strategy for growth has attracted a highly diverse investor base, and we’re pleased to increase the total size of the offering to cater to the significant level of demand received from international, regional and local investors, and the inclusion of additional cornerstone investors to the IPO.”