SICO Acts as Co-Lead Bank for Lulu Retail’s Planned IPO and listing on the Abu Dhabi Securities Exchange (ADX)
SICO BSC (c), a leading regional asset manager, broker, and investment bank, with direct presencein Bahrain, Saudi Arabia, and the UAE, is appointed as co-lead bank by Lulu Retail on their ongoingIPO and proposed listing on the Abu Dhabi Securities Exchange (ADX). Lulu Retail runs one of theMiddle East's biggest hypermarket chains with approximately 1.3 million square meters of totalselling space.
The IPO’s offer of 2.5 billion ordinary shares represents circa 25% of total issued shares and runsfrom 28 October to 5 November, with the offer price range between AED1.94 - AED2.04 per shareset through a book-building process. Listing on the ADX is currently expected on 14 November2024.
Najla Al Shirawi, Group CEO of SICO, said, “Our team’s unwavering dedication and the trust ourclients place in SICO are at the heart of this milestone. We’re confident that this IPO will capturerobust investor interest, marking the UAE’s largest listing this year and fortifying Lulu Retail’s marketleadership. We look forward to a close collaboration with Lulu Retail, applying our deep marketexpertise to guide them through this transformative journey.”
Commenting on the deal, Wissam Haddad, Group Head of Investment Banking at SICO, said,“It’s a privilege to support Lulu Retail on this landmark transaction alongside top regional and globalfinancial institutions. Our co-lead bank role on this IPO underscores SICO’s commitment to provideaccess to investors in Bahrain and beyond to unique investment opportunities.”
Saifee Rupawala, CEO of Lulu Retail, added, “Our journey to becoming a publicly listed companyreflects our commitment to long-term growth and innovation. This IPO will provide access to thecapital markets for our future growth and enhance our brand visibility internationally. Collaboratingwith SICO as a co-lead bank strengthens our position, bringing invaluable expertise and insight toensure a successful transition to the public market.”
SICO Investment Banking has an established track record as a market leader and the partner ofchoice for M&A deals and IPOs in Bahrain. The SICO team has advised on some of the country’slargest and most complex transactions such as the KFH/AUB acquisition and dual listing, one of thelargest banking acquisitions in recent history, the APM Terminals IPO, the most successful IPO onthe Bahrain Bourse in a decade, and the acquisition of Bahrain Islamic Bank (BISB) by NationalBank of Bahrain (NBB).
Sohar International Bank SAOG, Gulf Bank K.S.C.P., and National Investments Company K.S.C.Pare also acting as co-lead banks on the transaction.
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