<p>The company is controlled by Kerala business tycoon MA Yusuff Ali. The final offer price for Lulu shares was set at AED 2.04 per share, which raised a total of $1.72 billion (AED 6.32 billion). Lulu Retail's shares will begin trading on the Abu Dhabi Securities Exchange on November 14. The IPO saw exceptional investor response and was oversubscribed within just one hour of opening on October 28.</p><p>In response to this exceptional demand, Lulu Group increased the size of the IPO to 30 per cent from 25 per cent due to high demand from foreign and regional investors, to cater to a broader range of investors to participate in Lulu's ongoing growth. "We are deeply grateful for the overwhelming support we have received from investors across the GCC and beyond," said Yusuff Ali.</p>

Lulu generates demand for $37 billion, becomes largest IPO in UAE this year

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