White & Case, Ibrahim & Partners, and Clifford Chance have advised parties on LuLu Retail’s initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
The retail giant is to sell 2.58 billion shares, representing 25% of its total share capital, through the IPO.
It aims to raise between AED 5.01 billion and AED 5.27 billion from the offering, making it the largest IPO in the UAE this year according to media reports.
The shares are priced between AED 1.94 and AED 2.04, allowing Lulu to achieve a projected market capitalisation of between AED 20.04 billion and AED 21.07 billion.
The subscription period for the offering starts today and is expected to close on November 5, for UAE retail investors, eligible senior executives, and professional investors.
The final offer price will be announced on November 6, following a book-building process.
White & Case advised LuLu on English, US, and Abu Dhabi Global Market (ADGM) laws, serving as international counsel for both the pre-IPO restructuring and the IPO. The team was led by partner Sami Al Louzi and local partner Roger Gaspard in Dubai, along with associates and other members from different groups and offices.
Ibrahim & Partners, a regional law firm headquartered in Abu Dhabi, served as UAE issuer’s counsel for LuLu in relation to UAE and ADGM laws. The firm’s managing partner, Ahmed Ibrahim, led on the transaction.
Clifford Chance advised the joint lead managers—Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC Bank Middle East, and EFG Hermes UAE, on ADGM, English, UAE, and US law, according to the IPO prospectus.
Founded by Indian entrepreneur Yusuff Ali in 1974, Lulu follows other retail chains that have recently listed, including Spinneys on the Dubai Financial Market (DFM), which White & Case and Ibrahim & Partners, along with Linklaters, advised on.
