Lulu Seals IPO Success with White & Case as Advisors

Global law firm White & Case LLP has played a pivotal advisory role in Lulu Retail Holdings PLC's landmark initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX). This transaction marks a significant achievement as it is the sixth listing in the United Arab Emirates (UAE) advised by the firm in 2024. The IPO involved the sale of over 3 billion ordinary shares by Lulu's sole shareholder, Lulu International Holdings Limited, proceeding with an increased offering size due to strong demand. The transaction garnered an overwhelming demand of over AED 135 billion, being oversubscribed 25 times excluding the cornerstone tranche—the highest for a non-government IPO in the UAE in a decade. Lulu's shares were priced at AED 2.04 each, culminating in IPO proceeds of approximately AED 6.32 billion and an implied market capitalization at listing of around AED 21.07 billion. Well-known financial institutions, including Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, HSBC, Alrajhi Capital, and others, served as Global Coordinators and Bookrunners for the IPO. Moelis & Company acted as the Independent Financial Advisor, showcasing the robust advisory network supporting Lulu's public market debut. White & Case's team comprised senior partners and associates across regional offices, exemplifying the firm's extensive expertise in managing high-profile capital market transactions.