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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UP: Misled by GPS navigation, car falls into river from partially constructed bridge, 3 dead
Bareilly (UP), Nov 24: Three people died when their car fell into the Ramganga river from a partially constructed bridge here on Sunday, police said, adding that they suspect the driver was misled by its navigation system into taking the unsafe route.
The accident occurred around 10 am on the Khalpur-Dataganj road when the victims were travelling from Bareilly to Dataganj in the Badaun district, they said.
"Earlier this year, floods had caused the front portion of the bridge to collapse into the river, but this change had not been updated in the system," Circle Officer Ashutosh Shivam said.
The driver was using a navigation system and did not realise that the bridge was unsafe, driving the car off the damaged section, the police said.
There were no safety barriers or warning signs on the approach to the damaged bridge, leading to the fatal accident, Shivam said.
Upon receiving information, police teams from Faridpur, Bareilly and Dataganj police station rushed to the spot. They recovered the vehicle and the bodies from the river, Shivam added.
The circle officer said that bodies had been sent for post-mortem. Further investigation into the matter is underway.
— Bareilly Police (@bareillypolice) November 24, 2024
