Lulu Retail Holding (Lulu) has set its IPO price at AED 2.04 ($0.56) per share, reaching the top of its indicated range and valuing the company at AED 21.1 billion. This listing has raised $1.72 billion, marking it as the UAE’s largest IPO of 2024 to date. Demand was high, with the IPO oversubscribed over 25 times and receiving AED 135 billion ($37 billion) in aggregate orders from investors across the local, regional, and international markets. Over 82,000 retail investors subscribed, underscoring strong confidence in the company’s growth outlook.

Lulu, known for its supermarkets, hypermarkets, and malls across the GCC, Egypt, Far East, and India, expanded its offer size from 25% to 30% with an allocation of over 3 billion shares. The increased allotment, dedicated to the Qualified Investor Offering, was filled entirely by professional investors, including cornerstone backers like Saudi Arabia’s Masarrah Investment Company, Abu Dhabi Pension Fund, Bahrain's Mumtalakat Holding, EIIC, and the Oman Investment Authority. Lulu plans to maintain a dividend payout ratio of 75% of annual distributable profits, paid semi-annually, with its ADX listing scheduled for November 14.