Billionaire’s Lulu Disappoints in Debut After Mega UAE IPO (2)

Lulu Retail Holdings Plc’s shares closed flat after its $1.72 billion initial public offering in Abu Dhabi, marking the second instance of a muted debut for a large Middle Eastern listing in recent weeks.

The hypermarket chain operator ended at 2.04 dirhams ($0.56) per share Thursday, erasing earlier losses of as much as 2.5%. The United Arab Emirates’ largest IPO of the year was priced at the top end of the marketed range.

The offer had demand for all shares an hour after books opened last month, and Lulu’s owners subsequently boosted the size of the deal to ...