Staggering Demand! Will LuLu IPO Set a Record for UAE Investors?

The upcoming initial public offering (IPO) of LuLu Retail Holdings has captured the attention of investors across the UAE. With the subscription period from October 28 to November 5, analysts are predicting a record-breaking over-subscription from retail investors.  The LuLu IPO: A Game-Changer LuLu Retail Holdings, founded by Indian businessman Yusuff Ali in 1974, is one of the Middle East’s largest hypermarket chains. The company operates over 240 stores across the Gulf Cooperation Council (GCC) countries and has announced its IPO to raise between $1.7 billion and $1.8 billion for a 25% stake. The IPO is scheduled to commence trading on the Abu Dhabi Securities Exchange (ADX) on November 14. Retail Investor Frenzy The announcement of the LuLu IPO has triggered a frenzy among retail investors in the UAE. Many first-time investors are eager to participate in what is being dubbed as the “Diwali spending” of the year. The excitement is palpable, with bankers reporting that phones have not stopped ringing