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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Bihar: Over 150 children fall ill after consuming 'mid-day meal' in Saharsa
Saharsa (PTI): More than 150 children were taken ill after allegedly consuming food that was part of the mid-day meal in a school in Bihar’s Saharsa district, a senior official said on Thursday.
The incident occurred at a middle school in Baluaha village of the district.
The official said that 115 children were undergoing treatment at the Sadar Hospital, while around 50 students were admitted to Mahishi Public Health Centre.
“We received information that several children fell ill after consuming the mid-day meal in Baluaha. The children were initially treated at the primary health centre, but later, many were referred to the Sadar Hospital,” Saharsa District Magistrate Deepesh Kumar told reporters.
“According to doctors, the health condition of the children has improved, but they will be kept under observation for some time. There is no need to panic. Some kids are having mild fever. They are being treated accordingly,” Kumar said.
Meanwhile, family members of some children claimed that a snake was found in the container in which cooked pulses was stored at the school.
Of the 545 students present in the school, 200 had already eaten their meals by the time the snake was spotted, and later complained of stomach ache and vomiting, they said.
Regarding the claims, the DM said food samples have been collected from the school.
“We will be able to comment on this only after the results of the tested samples arrive,” he said.
