Meet Indian billionaire, set to list his retail giant in what could be UAE’s biggest IPO this year, his net worth is...

Lulu Retail Holdings, the fastest-growing retailer in the region, has announced plans to launch its initial public offering (IPO) on the Abu Dhabi Stock Exchange. Bankers expect it to be the UAE’s largest IPO this year.

The company currently operates more than 240 retail stores across six Gulf Cooperation Council (GCC) countries. Lulu's IPO comes after a strong performance in the retail sector, reflecting the company’s recent growth.

According to the IPO document, Lulu will offer 2.5 billion shares, with trading set to begin on November 14. Industry sources estimate that the IPO could raise between $1.7 billion and $1.8 billion for a 25% stake in the company. However, Lulu has not provided an official statement regarding the valuation.

Founded in 1974 by Indian businessman Yusuff Ali, Lulu Retail competes with other major grocery chains such as Spinneys and BinDawood Holding. Spinneys went public in 2024, while BinDawood was listed in 2020.

In the IPO document, the chief executive expressed confidence in the company's strong market position, stating that Lulu would remain a preferred shopping destination. Yusuff Ali, the founder, has a net worth of $7.4 billion.