Yusuff Ali LuLu Group
Lulu Group, a major retail company in the UAE, has launched the largest IPO of 2024. The demand reached a record $37 billion. The offering was oversubscribed 25 times, showing strong interest in the UAE’s capital markets. The shares were priced at AED 2.04 each, raising $1.72 billion (AED 6.32 billion). This makes it the biggest IPO in the country this year.
Lulu Group was founded by MA Yusuff Ali, a business leader from Kerala. The company runs over 240 retail outlets in the GCC, serving over 600,000 customers daily from 130 nationalities. Lulu has a strong presence in hypermarkets, express stores, and a growing e-commerce platform.
The IPO saw high demand right away, with interest peaking within the first hour on October 28. This response led Lulu to increase the offering size from 25% to 30%, allowing more investors to participate.
Notable investors include sovereign wealth funds from the GCC. These include the Saudi Public Investment Fund, Qatar Investment Authority, and Kuwait Investment Authority. Other major investors are the Abu Dhabi Pension Fund and the Singapore Sovereign Wealth Fund.
MA Yusuff Ali thanked investors and the UAE’s leaders for their support. He called this a significant step for Lulu as the region’s largest full-line retailer. The company’s shares will start trading on the Abu Dhabi Securities Exchange (ADX) on November 14. This marks a new chapter in Lulu’s growth.
About The Author
