Grocer Lulu’s $1.72 Billion Abu Dhabi IPO Draws Vanguard, GIC
- Hypermarket chain’s IPO drew orders worth $37 billion
- Firm increased the size of the offer this week on high demand
A Lulu hypermarket.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
Hypermarket chain operator Lulu Retail Holdings Plc’s $1.72 billion Abu Dhabi initial public offering drew orders worth $37 billion, including from global investors Vanguard Group Inc. and Singapore sovereign wealth fund GIC Pte.
Lulu International Holdings sold 3.10 billion shares, or a 30% stake, at 2.04 dirhams ($0.56) apiece, the top of a marketed range. Based on that offer price, the firm will have a market capitalization of 21.1 billion dirhams when it lists on Nov. 14.