Lulu Retail seeks to raise up to $1.43 bln in biggest UAE IPO this year

Lulu Retail Holdings, which runs 1 of the Middle East's biggest hypermarket chains, is seeking to rise arsenic overmuch arsenic 5.27 cardinal dirhams ($1.43 billion) successful what is acceptable to beryllium UAE's biggest archetypal nationalist offering truthful acold this year.
The conglomerate, which runs much than 240 stores successful the six countries belonging to the Gulf Cooperation Council (GCC), is offering 2.582 cardinal shares, adjacent to a 25% involvement astatine an indicative terms scope of 1.94-2.04 dirhams per share, it said successful a connection connected Monday.
The UAE is experiencing a retail spending roar successful the portion that is spurring home listings by firms successful the sector, including UAE-based Spinneys earlier this year.
The terms scope implies a marketplace capitalization of betwixt $5.46 billion-$5.74 cardinal astatine the listing connected the Abu Dhabi Securities Exchange, which is expected connected Nov. 14, Lulu Retail said.
Two sources progressive successful the IPO had antecedently told Reuters the offering could rise betwixt $1.7 cardinal and $1.8 billion.  

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