The IPO is set to be the UAE’s biggest listing of the year. Lulu Retail Holdings Plc’s Abu Dhabi initial public offering is likely to price at the top end of a planned range and raise $1.43 billion, making it the UAE’s biggest listing of the year.
The deal is expected to price at 2.04 dirhams ($0.56) a share, according to terms of the deal seen by Bloomberg News. That’s the top end of a range that started at 1.94 dirhams, and implies a market capitalization for the grocer of 21.1 billion dirhams.
The firm had demand for all shares on offer an hour after books opened on the deal last week, Bloomberg News has reported. The IPO is set to be the UAE’s biggest listing of the year, eclipsing oil services firm NMDC Energy’s $877 million share offering.