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 presence in Bahrain, Saudi Arabia, and the UAE, is appointed as co-lead bank by Lulu Retail on their ongoing IPO and proposed listing on the Abu Dhabi Securities Exchange (ADX). Lulu Retail runs one of the Middle East's biggest hypermarket chains with approximately 1.3 million square meters of total selling space.

The IPO’s offer of 2.5 billion ordinary shares represents circa 25% of total issued shares and runs from 28 October to 5 November, with the offer price range between AED1.94 - AED2.04 per share set through a book-building process. Listing on the ADX is currently expected on 14 November 2024.

Najla Al Shirawi, Group CEO of SICO, said, “Our team’s unwavering dedication and the trust our clients place in SICO are at the heart of this milestone. We’re confident that this IPO will capture robust investor interest, marking the UAE’s largest listing this year and fortifying Lulu Retail’s market leadership. We look forward to a close collaboration with Lulu Retail, applying our deep market expertise 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 global financial institutions. Our co-lead bank role on this IPO underscores SICO’s commitment to provide access to investors in Bahrain and beyond to unique investment opportunities.”

Saifee Rupawala, CEO of Lulu Retail, added, “Our journey to becoming a publicly listed company reflects our commitment to long-term growth and innovation. This IPO will provide access to the capital markets for our future growth and enhance our brand visibility internationally. Collaborating with SICO as a co-lead bank strengthens our position, bringing invaluable expertise and insight to ensure a successful transition to the public market.”

SICO Investment Banking has an established track record as a market leader and the partner of choice for M&A deals and IPOs in Bahrain. The SICO team has advised on some of the country’s largest and most complex transactions such as the KFH/AUB acquisition and dual listing, one of the largest banking acquisitions in recent history, the APM Terminals IPO, the most successful IPO on the Bahrain Bourse in a decade, and the acquisition of Bahrain Islamic Bank (BISB) by National Bank of Bahrain (NBB).

Sohar International Bank SAOG, Gulf Bank K.S.C.P., and National Investments Company K.S.C.P are also acting as co-lead banks on the transaction.

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