Lulu Retail Holdings Plc, a leading full-line retailer based in the UAE, has increased its IPO offering to 30% due to strong demand, raising the total offer to 3.09 billion ordinary shares, up from 2.58 billion. The company will list on the Abu Dhabi Securities Exchange (ADX) on November 14, 2024, with a price range maintained at AED 1.94 to AED 2.04 per share. The IPO is expected to raise between AED 6.01 billion ($1.64 billion) and AED 6.32 billion ($1.72 billion), positioning it as the UAE's largest IPO of the year.

Masarrah Investment Company has joined as a cornerstone investor with a commitment of AED 250 million ($68 million), joining other institutional investors, including the Abu Dhabi Pension Fund and Bahrain Mumtalakat Holding Company, which have pledged a total of AED 753 million. Joint global coordinators for the offering include Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital, and HSBC Holdings Plc, with Moelis & Co. acting as an advisor.