Page 134 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/7/24, 1:10 PM Lulu IPO: Retailer raises $1.72bn in UAE’s largest listing this year | The National
The total offering size was increased to 3,098,671,605 ordinary shares, with the additional

516,445,267 shares allocated to professional investors, it said at the time.

The new cornerstone investor is Saudi Arabia's Masarrah Investment Company, which

joined Abu Dhabi Pension Fund, Bahrain's Mumtalakat, Emirates International Investment
Company and the Oman Investment Authority.

Masarrah Investment Company agreed to invest about Dh250 million and the aggregate

commitments of all the cornerstone investors are about Dh1 billion, Lulu said on Monday.

LuLu, one of the largest supermarket chains in the Gulf, founded by Indian-born

businessman Yusuff Ali in 1974, operates more than 240 hypermarkets and shopping malls

in 10 countries including India, Egypt, Malaysia and Indonesia.

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