Grocer Lulu’s $1.43 Billion Abu Dhabi IPO Sells Out in an Hour

Lulu Retail Holdings Plc had demand for all shares in its 5.27 billion dirhams ($1.43 billion) initial public offering an hour after books opened on the deal.

Demand for the listing exceeded the number of shares on offer, according to terms of the deal seen by Bloomberg News. The IPO is set to be the United Arab Emirates’ biggest listing of the year, eclipsing oil services firm NMDC Energy’s $877 million share offering.

A LuLu hypermarket in Jeddah, Saudi Arabia.

Source: AFP

The hypermarket chain operator had set a price range of 1.94 dirhams to 2.04 dirhams per share, according to a statement earlier on Monday. The ...