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LuLu Retail shares drop 1.4% on sluggish ADX debut, market cautious

LuLu Retail made its much-anticipated debut on the Abu Dhabi Securities Exchange (ADX) at Dh2.04 per share, following what has been described as one of the most successful IPOs in the UAE and Gulf region in recent years. This IPO generated an extraordinary level of retail investor interest, setting new records. In just 16 days, approximately 50,000 individuals registered for an ADX National Investor Number (NIN)—a number that matches the total issued for all of 2023, reflecting an overwhelming demand for shares.

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Yusuffali M.A., Chairman of LuLu Retail, expressed immense pride during the bell-ringing ceremony that marked the start of trading. He credited the company's success to the dedication of its 55,000 employees, many of whom have been with LuLu for decades, helping to build the company into the retail giant it is today. "This achievement would not have been possible without them," he said.

However, despite the strong retail interest, the stock faced a 1.4% drop on its first day of trading, which is typical of many IPOs as investors look for immediate gains. While this initial decline may have been disappointing for some, analysts suggest there is still broad investor support, indicating potential for growth, though they caution that it’s still too early to assess the stock's long-term trajectory.

First-time IPO investors, such as Mangal Suvarnan, who subscribed to the minimum allocation, expressed a degree of disappointment in the stock’s early performance but remain hopeful that it will rebound. "I’m hopeful the value will pick up," he said, a sentiment echoed by many retail investors who continue to hold their shares, expecting the stock price to increase over time.

With more than 82,000 retail investors participating in the IPO, there is considerable optimism that the stock will stabilize and rise in the future. Many investors are adopting a "hold on" strategy, confident that the stock will eventually perform well as the company grows and the market adjusts.

Nov. 14, 2024 2:01 p.m. 494

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