Lulu Retail Holdings—a Middle East hypermarket chain founded by Indian billionaire M.A. Yusuff Ali—has priced its IPO at the top end of the price range, raising $1.7 billion in the United Arab Emirates’ biggest listing this year.

LuLu Retail breaks demand records, as international investors take 30% of the book, including Vanguard and GIC

Lulu Retail confirms the Final Offer Price for its ordinary shares (the “Shares”, each a “Share”) has been set at AED 2.04 per Share, pricing at the top of the previously announced Offer Price Range and implying a market capitalization of the Group at listing of AED 21.07 billion (c. $5.74 billion).

Lulu Retail Holdings Plc’s Abu Dhabi initial public offering is likely to price at the top end of a planned range and raise $1.43 billion, making it the United Arab Emirates’ biggest listing of the year.

GCC full-line retailer, on Monday announced an increase in the size of its initial public offering (IPO) to 30 per cent, compared to 25 per cent earlier.The total offering size has increased to over 3.

Lulu Retail Holdings Plc increased the number of shares on offer in its Abu Dhabi initial public offering, and now targets raising as much as $1.72 billion in the United Arab Emirates’ biggest listing of the year.

Lulu International Holdings plans to sell a 25 per cent stake or 2.58 billion shares in Lulu Retail Holdings public issue. The company expects to raise $1.43 billion from the listing, reported Bloomberg on Monday.