Meet man, an Indian billionaire, who is planning Rs 15000 crore IPO, biggest in UAE this year, his net worth is Rs..

According to Lulu’s IPO document, the listing will offer 2.5 billion shares, which are expected to begin trading on November 14. Sources involved in the transactions indicate that the company could raise between $1.7 billion and $1.8 billion for a 25% stake. However, the company has not commented on the deal.

Lulu Retail Holdings, the fastest-growing retailer, has decided to offer its initial public offering (IPO) and list its shares for trading on the Abu Dhabi Stock Exchange.

Bankers believe it could be the UAE’s biggest IPO this year. Currently, Lulu Retail Holdings operates over 240 retail stores across six Gulf Cooperation Council (GCC) countries. The IPO follows a significant boom in the retail sector for the company.

According to Lulu’s IPO document, the listing will offer 2.5 billion shares, which are expected to begin trading on November 14. Sources involved in the transactions indicate that the company could raise between $1.7 billion and $1.8 billion for a 25% stake. However, the company has not commented on the deal.

Lulu Retail Holdings was founded in 1974 by Indian businessman Yusuff Ali and competes with other listed grocery establishments like UAE-based Spinneys and Saudi retailer BinDawood Holding. Both companies were listed in 2024 and 2020, respectively.

The chief executive stated in the IPO document that the company is quite confident that people would prefer Lulu Retail for shopping. Yusuff Ali has a net worth of $7.4 billion.