Lulu Retail, part of Lulu Group International led by prominent Non-Resident Keralite MA Yusuff Ali, has raised its initial public offering (IPO) size on the Abu Dhabi Securities Exchange from 25% to 30% of its total shares. The increase comes in response to strong demand from international, regional, and local investors. The price range remains between AED 1.94 and AED 2.04 per share. The revised offering includes 3,098,671,605 shares, up from the previous 2,582,226,338. At the top end, the IPO could raise $1.43 billion, making it the UAE's largest listing of the year, surpassing NMDC Energy’s $877 million IPO. 

Of the additional shares, 516,445,267 are designated for the qualified investor offering, restricted to professional investors. The final IPO price will be announced on November 6, with trading scheduled to begin on November 14.

CEO’s Remarks
Lulu Retail CEO Saifee Rupawala attributed the strong response to the company’s established presence across the Gulf Cooperation Council (GCC) and its clear growth strategy. He explained that the decision to increase the IPO size aims to meet demand from a diverse investor base, including international, regional, and local participants. Additionally, Saudi Arabia’s Masarrah Invest has joined as a cornerstone investor, committing around AED 250 million ($68 million), joining earlier investors Abu Dhabi Pension Fund (ADPF), Bahrain Mumtalakat Holding Company (Mumtalakat), Emirates International Investment Company LLC (EIIC), and Oman Investment Authority (OIA).

Demand for Lulu Retail’s shares was reported to be fully met within an hour of book opening last week.