Global law firm White & Case LLP has advised Lulu Retail Holdings PLC (Lulu) on its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), the sixth listing in the United Arab Emirates (UAE) on which White & Case has advised during 2024.
"Advising Lulu on this landmark transaction in the UAE underlines White & Case's leading position in the capital markets in the UAE and the Middle East region more broadly," said White & Case partner Sami Al Louzi, who co-led the Firm's deal team.
Lulu's ADX listing was achieved via the sale of 3,098,671,605 ordinary shares, representing 30 percent of its issued share capital, by sole shareholder Lulu International Holdings Limited. The offering size was increased during the offer period to accommodate significant local, regional and international demand.
The IPO achieved aggregate demand of more than AED 135 billion and was 25 times oversubscribed (excluding the cornerstone tranche) – the highest level of demand and oversubscription for a non-government IPO in the UAE in the last ten years. The shares were priced at AED 2.04 per share, the top end of the price range, resulting in IPO proceeds of approximately AED 6.32 billion (around US$1.72 billion) and an implied market capitalization at listing of approximately AED 21.07 billion (around US$5.74 billion).
Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC acted as Joint Global Coordinators and Joint Bookrunners; Alrajhi Capital, EFG-Hermes, First Abu Dhabi Bank, Goldman Sachs and International Securities acted as Joint Bookrunners; and Moelis & Company acted as Independent Financial Advisor.
Lulu is the largest and fastest growing pan-GCC full line retailer.
The White & Case team which advised on the transaction was co-led by partner Sami Al Louzi (Dubai) and local partner Roger Gaspard (Dubai) and included partners Laura Sizemore, Charbel Abou Charaf (both London) and Claire Matheson Kirton (London & Dubai), and associates Andrew Scott, Hamzeh Al Rasheed, Wassim El Mardini, Rim Dagher, Sam Manful, Daniel Faber (all Dubai), Amulang Povaeva (London), Khalid Al-Gublan, Husam Azhar, (both Riyadh) and Elias Choueifati (Doha).
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