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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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
