Trio Of Law Firms Advised On LuLu Retail’s IPO On The Abu Dhabi Securities Exchange
Trio of Law Firms Advised on LuLu Retail’s IPO on the Abu Dhabi Securities Exchange
LuLu Retail is set to launch its initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX), with legal counsel provided by White & Case, Ibrahim & Partners, and Clifford Chance. The retail giant plans to sell 2.58 billion shares, representing 25% of its total share capital, through this IPO.
The company aims to raise between AED 5.01 billion and AED 5.27 billion from the offering, positioning it as the largest IPO in the UAE this year, according to media reports. Shares are priced between AED 1.94 and AED 2.04, which would result in a projected market capitalization of AED 20.04 billion to AED 21.07 billion.
The subscription period for the IPO begins 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 after a book-building process. White & Case is advising 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 is led by partner Sami Al Louzi and local partner Roger Gaspard in Dubai, with support from associates and members from various groups and offices. Ibrahim & Partners, a regional law firm based in Abu Dhabi, is acting as the UAE issuer’s counsel for LuLu, focusing on UAE and ADGM laws, with managing partner Ahmed Ibrahim leading the transaction.
Clifford Chance is advising 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 as outlined in the IPO prospectus.
Founded by Indian entrepreneur Yusuff Ali in 1974, LuLu follows other retail chains that have recently gone public, including Spinneys on the Dubai Financial Market (DFM), for which White & Case, Ibrahim & Partners, and Linklaters also provided legal counsel.
