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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Azim Premji Foundation Scholarship: How to apply, when to apply; details here
Bengaluru: The Azim Premji Foundation has announced the Azim Premji Scholarship for the academic year 2025–26, aimed at supporting up to 2.5 lakh girls across 18 Indian states who are pursuing higher education after completing school. An official release from the foundation also stated that in the coming years the scholarship will be implemented across the country.
When to Apply:
According to a release from the foundation, the application process for the Azim Premji Scholarship 2025–26 will commence in September 2025. “Details of the program and any changes in the program design or coverage will be notified at the start of the application process,” the release added.
Where to Apply:
According to the release, the scholarship this year will be implemented across 18 states, namely Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Jharkhand, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Rajasthan, Sikkim, Telangana, Tripura, Uttar Pradesh, and Uttarakhand. Students residing in these states and enrolled in recognised higher education institutions will be eligible to apply.
How to Apply:
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Girls who have completed their Class 10 and 12 education in government (public) schools and have secured admission in a bona fide higher education institution either a government-run college/university or select private institutions can apply for the scholarship.
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Once the application portal opens in September, students will be required to submit personal details, educational qualifications, proof of admission, and bank account information.
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The scholarship amount ₹30,000 per year will be transferred directly into the students' bank accounts in two instalments each academic year, read the release.
