Lulu Retail announced on Wednesday that its initial public offering (IPO) was oversubscribed 25 times across all tranches, excluding cornerstone investors, generating demand exceeding $37 billion-a record for a private sector IPO in the United Arab Emirates. The company is controlled by Kerala-based business tycoon MA Yusuff Ali. The final offer price for Lulu shares was set at AED 2.04 per share, raising a total of $1.72 billion (AED 6.32 billion), making it the largest IPO in the UAE in 2024 to date.
NRI businessman and Lulu group chairman M A Yusuff Ali, who had a miraculous escape on April 11 after his helicopter crash-landed on marshy land in Kochi, has undergone a spinal surgery at a hospital in Abu Dhabi, the company said.
Ranked 737 in the Forbes global billionaire list with personal wealth of $2.4 billion, Yusuffali's diversification does not stop here.
The mall in Kochi will have about two million square feet of retail area and following its completion, the group has plans to develop more malls across India gradually. Emke Group controls roughly a third of the UAE's organised retail market and is planning to invest 4.3 billion dirhams (Rs 57.19 billion) to expand its network of 75 supermarkets and hypermarkets to 100 within the next three years.
Becks Krishnan was saved by prominent NRI businessman and philanthropist M A Yusuffali who helped to pay his "blood money" amounting nearly Rs 1 crore.
For many, he is the Dhirubhai Ambani of Kerala. For others, he is the most influential Indian in West Asia. M A Yusuff is back in the spotlight after the controversy surrounding the UAE's reported offer of a Rs 7 billion aid package for flood-hit Kerala.
The Kerala-born businessman is the latest in a slew of foreign buyers who have shaken off mounting fears of a 'Brexit' from the European Union
He has slashed his price by half after retiring. Now his rates are in line with Amitabh Bachchan or Ayushmann Khurrana. In 2012 he had 22 endorsements, now he has 40!
The big breakthrough in e-commerce came in October when the big three of Flipkart, Amazon and Snapdeal went into an overdrive to win customers and offered pre-Diwali sales with eye-popping discounts.
Bombay House turns evangelist for new Tata products.
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