LuLu Retail wins ‘Best IPO in the Middle East' award
LuLu Retail Holdings, the region's leading full-line retailer, has been honored with the prestigious 'Best IPO in the Middle East' award by EMEA Finance magazine. The recognition was presented at the annual EMEA Finance Achievement Awards 2024, held in London on June 22.
The accolade celebrates LuLu Retail's landmark initial public offering, which successfully raised $1.7 billion in Q4 2024, and marked the company's official listing on the Abu Dhabi Securities Exchange. The IPO drew widespread investor interest and was one of the most anticipated public listings in the region, reinforcing strong market confidence in the group's growth trajectory, financial resilience, and retail leadership.
The EMEA Finance Achievement Awards are regarded as a benchmark of excellence in capital markets across Europe, the Middle East, and Africa. Winners are selected by the editorial board from a pool of nominations submitted by investment banks, corporates, and market participants. The awards spotlight the most impactful and innovative financial transactions spanning IPOs, debt issuance, Islamic finance, structured deals, and mergers and acquisitions.
Saifee Rupawala, CEO of LuLu Retail Holdings, said: 'We are truly honored to receive this award, which reflects the strength of our business, the commitment of our team, and the trust placed in us by our investors. The IPO marked a transformative chapter for LuLu Retail, and we remain committed to delivering long-term value and sustainable growth.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Argaam
an hour ago
- Argaam
DGA says new govt contracts up 19% to SAR 38B in 2024
The Digital Government Authority (DGA) stated, in its report on government spending for ICT services in 2024, that the value of new government contracts reached approximately SAR 38 billion, marking a 19% increase compared to 2023. According to the report, there was a notable rise in government spending on AI products, emerging technologies, and cloud computing. Government entities also achieved estimated savings of SAR 1 billion in 2024 through applying spending efficiency practices and improving budget and procurement management. Additionally, purchase orders under framework agreements surged by 157%, reaching SAR 4.47 billion through 9,457 purchase orders. The report also highlighted a rise in government contract values across several sectors in 2024, most notably healthcare and social development, defense, infrastructure, transport, public administration, education. Spending increased in the following sectors, security and regional administration, healthcare and social development, infrastructure and transport, military, and education.
Arab News
2 hours ago
- Arab News
Saudi program expands support in rural communities
RIYADH: The Sustainable Agricultural Rural Development Program, known as Saudi Reef, has announced that it now has 87,235 beneficiaries across the Kingdom. This is a part of efforts to promote economic and social stability in rural areas and support agricultural workers and families involved in cottage industries, the Saudi Press Agency reported on Wednesday. Majed Al-Buraikan, Saudi Reef's assistant secretary-general for media and communication, said the support from the nation's leadership has helped to expand the number of beneficiaries and achieve tangible results. He said this reflects the Kingdom's ongoing efforts to support the agricultural sector and develop rural areas, the SPA added. Al-Buraikan said the program has several main pillars, including developing agricultural and livestock production, empowering rural women, and supporting small-scale fishermen. The program also focuses on adding value to products which was key to sustainable rural development and boosting the income of families across the regions, he added. Al-Buraikan said Saudi Reef continues to provide direct support, training, and certification programs aimed at improving quality of life in rural areas. This was in addition to increasing the agricultural sector's contribution to the nation's gross domestic product, in line with the goals of Vision 2030, he said.
Argaam
3 hours ago
- Argaam
BSF taps Asian banks for $750M loan: Report
Banque Saudi Fransi (BSF) is seeking a $750 million loan (about SAR 2.81 billion), targeting banks in Asia, with a five-year syndicated facility that carries an accordion feature, Bloomberg reported. The loan pays an interest margin of 95 basis points over the benchmark Secured Overnight Financing Rate, with proceeds for general corporate purposes. Banque Saudi Fransi (BSF) is seeking a $750 million (SAR 2.81 billion) loan, targeting banks in Asia as it looks to diversify fundraising beyond its domestic market, according to Bloomberg citing sources familiar with the matter. The five-year syndicated facility carries a so-called accordion feature, which allows the borrower to upsize the deal post-signing, said the sources. Mizuho Bank Ltd. and Sumitomo Mitsui Banking Corp are the mandated lead arrangers and bookrunners for the deal, they added.
