News

CWEIC extends its congratulations to LuLu Group, a valued Strategic Partner, on the tremendous success of their Initial Public Offering (IPO).

Founded in 1974 by Kerala-based entrepreneur MA Yusuff Ali, LuLu Retail Holdings has grown into one of West Asia’s largest and most prominent hypermarket chains, operating over 240 stores across six Gulf Cooperation Council (GCC) countries. Serving over half a million shoppers and employing more than 50,000 people, the group reported an impressive profit of $192 million last year.

On November 14, LuLu Retail Holdings PLC commenced trading on the Abu Dhabi Securities Exchange (ADX) following the conclusion of its record-breaking IPO. The offering, which opened for subscription on October 28, saw overwhelming investor interest, with aggregate demand exceeding AED 135 billion from local, regional, and international investors. The IPO raised $1.72 billion (AED 6.32 billion) at a final offer price of AED 2.04 per share, making it the largest IPO in the UAE in 2024 to date.

The IPO was oversubscribed 25 times across all tranches within the first hour of opening, receiving $37 billion in orders and attracting a record 82,000 retail investors. In response to strong demand, the IPO size was increased from 25% to 30% to accommodate a broader range of participants, setting a decade-long record for non-government IPOs in the UAE.

LuLu Group’s IPO attracted significant interest from prominent global and regional investors, including the Abu Dhabi Pension Fund, Emirates International Investment Company, Bahrain Mumtalakat Holding Company, Oman Investment Authority, Kuwait Investment Authority, Qatar Investment Authority, Saudi Public Investment Fund, Hassana Pension Fund, and the Singapore Sovereign Wealth Fund, among others.

CWEIC proudly celebrates this historic milestone for LuLu Group and looks forward to witnessing its continued growth and success.