KUWAIT: National Investments Company KSCP (NIC), one of the leading investment banks in the region, proudly announces its role as co-lead bank in the successful completion of Lulu Retail Holdings PLC’s $1.72 billion initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).
Fahad Al-Mukhaizim, Board Member and CEO of NIC, stated: "National Investments Company is proud to have co-led this successful IPO for Lulu Retail Holdings, reinforcing our expertise in capital markets transactions and our commitment to supporting strategic investment initiatives within the GCC. This accomplishment reflects our dedication to delivering exceptional investment opportunities for our clients and underscores the positive momentum in the region’s capital markets.”
The IPO represents another remarkable milestone for NIC, highlighting its role in the successful completion of the major public offering of Lulu Retail Holding. This accomplishment adds to NIC’s impressive track record in recent years, further solidifying its distinguished position in providing a diverse range of services, including asset management, capital markets, investment banking, and advisory services.
This IPO, currently standing as UAE’s largest IPO of the year, attracted an impressive $37 billion in orders from investors worldwide, underscoring the strong demand and confidence in Lulu’s growth strategy across the Gulf. Prominent global investors, including Vanguard Group Inc. and Singapore’s sovereign wealth fund, GIC Pte, participated in the IPO. The shares were priced at 2.04 dirhams each, resulting in a post-offer market capitalization of 21.1 billion dirhams. Key GCC sovereign entities such as Kuwait Investment Authority, Saudi Arabia’s Public Investment Fund, Hassana, and Qatar Investment Authority were among the significant participants, reflecting the strength of regional collaboration and investment.
Lulu initially planned to offer a 25 percent stake but increased the offer to 30 percent in response to substantial investor demand. NIC consistently endeavors to design and deliver unique, distinguished investment services to its esteemed clients across various sectors and markets, both regional and global. These services offer Asset Management clients diverse options to diversify their portfolios and mitigate risks, providing a safeguard against market fluctuations. Moreover, NIC ensures flexibility in adjusting portfolio components to align with market developments, effectively fulfilling clients’ aspirations.