LuLu Retail's Record-Breaking IPO Raises Dh6.32 Billion, Setting New Benchmarks for UAE Listings

LuLu Retail has made headlines as the UAE’s biggest IPO of the year, closing with gross proceeds of Dh6.32 billion. The hypermarket giant, headquartered in Abu Dhabi, saw overwhelming demand, attracting over Dh135 billion ($37 billion) in bids from local, regional, and international investors—a record for a non-government UAE IPO in the past decade.

Priced at Dh2.04 per share, the IPO was oversubscribed by more than 25 times across all investor categories (excluding cornerstone investors), setting LuLu Retail’s market capitalization at Dh21.07 billion ($5.74 billion). The IPO also saw record-breaking interest from retail investors, with over 82,000 individuals participating.

The shares are set to list on the Abu Dhabi Securities Exchange (ADX) on November 14.

This IPO marks a milestone for the UAE, creating new benchmarks in retail investor participation and setting a high standard for future listings. Initially planned at 25%, LuLu’s offering was increased to 30% to accommodate strong institutional interest, underscoring the robust appeal of LuLu’s consumer-facing operations in the GCC markets.