Lulu Retail Holdings raises $1.72bn in UAE’s largest IPO this year

DUBAI: Lulu Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, said on Wednesday it had raised 6.32 billion dirhams ($1.72 billion) in its initial public offering (IPO), for the UAE’s largest listing this year.

The final share price was set at 2.04 dirhams ($0.5554) at the top of the indicative range.

That price gives Lulu Retail a market capitalisation of $5.74 billion on listing, which is expected on Nov. 14 on the Abu Dhabi Securities Exchange.

Most Gulf markets fall as OPEC+ delays oil output hike

The Gulf region accounted for the vast majority of the 30 IPOs in the Middle East and North Africa region in the first nine months of the year, raising a total of $5 billion, LSEG data shows.