Lulu retail launches $1.43 billion IPO in Abu Dhabi
Abu Dhabi-based retail giant Lulu Retail, owned by non-resident Indian businessman M.A. Yusuffali, announced the launch of its $1.43 billion (₹12,000 crore) initial public offering (IPO) on Monday. The retail chain’s shares will be listed on the Abu Dhabi Securities Exchange (ADX), with final pricing to be determined on November 5.
The company has set the IPO price range between AED 1.94 and AED 2.04 per share, translating to an issue size of AED 5.01–5.27 billion ($1.36–1.43 billion). Upon completion of the IPO, Yusuffali’s family, originally from Kerala, will retain 60% ownership in Lulu Retail Holdings.
In 2021, Yusuffali had sold a 20% stake in Lulu International Holdings Ltd to the Abu Dhabi Developmental Holding Company (ADQ). The IPO will offer 2.582 billion shares, representing 25% of the company’s total issued shares, at a nominal value of $0.014 (AED 0.051) each.
Retail investors can participate with a minimum investment of AED 5,000, securing at least 1,000 shares, with further investments to be made in multiples of AED 1,000.
The Lulu group operates a strong retail network across the Gulf Cooperation Council (GCC) region, with 103 stores in the UAE, 56 in Saudi Arabia (KSA), and 81 across Oman, Qatar, Bahrain, and Kuwait.
As of August 2024, the Lulu group operated 240 stores, comprising 116 hypermarkets, 102 express stores, and 22 mini-markets. It ranks as the second-largest grocery retailer in the UAE, the largest retailer in Oman, Qatar, Bahrain, and Kuwait, and the fastest-growing and largest pan-GCC retailer in Saudi Arabia.
Lulu Retail reported $3.9 billion in revenue for the first half of 2024, reflecting a 5.6% year-on-year growth. For the full year 2023, the company’s revenue was $7.3 billion, marking a similar 5.6% increase.
The Lulu group has established a significant presence in India, owning malls in Kochi, Bangalore, Lucknow, Coimbatore, Trivandrum, Palakkad, Hyderabad, and Calicut.
Yusuffali, the group’s founding shareholder, is the ultimate beneficial owner of Y International Holdings Ltd, which holds 80% of Lulu International Holdings, the sole shareholder of Lulu Retail.
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SC should take cognisance: Priyanka on Sambhal issue
New Delhi (PTI): In the wake of violence in Uttar Pradesh's Sambhal, Congress leader Priyanka Gandhi Vadra on Monday accused the Yogi Adityanath government of creating divisions while sitting in power and urged the Supreme Court to take cognisance of the matter and deliver justice.
Three people were killed and scores of others, including security and administration personnel, injured as protesters opposing a court-ordered survey of a Mughal-era mosque in Sambhal clashed with police on Sunday.
In a post in Hindi on X, Priyanka Gandhi said, "The attitude of the state government regarding the sudden dispute in Sambhal, Uttar Pradesh, is very unfortunate. The way the administration acted in haste in such a sensitive matter without listening to the other side, without taking both the parties into confidence, shows that the government itself spoiled the atmosphere there."
The administration did not even consider it necessary to follow the necessary procedure and duty, the Congress general secretary said.
"Trying to spread discrimination, oppression and division while sitting in power is neither in the interest of the people nor in the interest of the country. The honourable Supreme Court should take cognisance of the matter and do justice," Priyanka Gandhi said.
"My appeal to the people of the state is to maintain peace in all circumstances," she asserted.
The district administration has imposed prohibitory orders and barred the entry of outsiders till November 30 following Sunday's violence.
Deputy Inspector General of Police (Moradabad) Muniraj told reporters on Monday that Naeem, Bilal and Nauman -- the three men who died in Sunday's violence -- had been buried. All three were aged about 25.
Divisional Commissioner (Moradabad) Aunjaneya Kumar Singh said on Sunday, "Shots were fired by miscreants... the PRO of the superintendent of police suffered a gunshot to the leg, the circle officer was hit by pellets and 15 to 20 security personnel were injured in the violence."
A constable also suffered a serious head injury while the deputy collector fractured his leg, he had said.
Internet services were soon suspended in Sambhal tehsil for 24 hours and the district administration declared a holiday in all schools for Monday.
The Congress on Sunday alleged that the Adityanath administration was squarely responsible for killing innocents and only the BJP-RSS was guilty of "setting fire" to peace and harmony in Sambhal.
The opposition party had said the videos of direct firing on the protesters depicted the horrifying result of a "well-planned conspiracy" by Adityanath and the BJP-RSS.
