Lulu Retail Holdings—a Middle East hypermarket chain founded by Indian billionaire M.A. Yusuff Ali—has priced its IPO at the top end of the price range, raising $1.7 billion in the United Arab Emirates’ biggest listing this year.

LuLu Retail breaks demand records, as international investors take 30% of the book, including Vanguard and GIC

Lulu Retail Holdings Plc’s Abu Dhabi initial public offering is likely to price at the top end of a planned range and raise $1.43 billion, making it the United Arab Emirates’ biggest listing of the year.

Lulu Retail confirms the Final Offer Price for its ordinary shares (the “Shares”, each a “Share”) has been set at AED 2.04 per Share, pricing at the top of the previously announced Offer Price Range and implying a market capitalization of the Group at listing of AED 21.07 billion (c. $5.74 billion).

Lulu is offering 3.098 billion shares at an unchanged indicative price range of 1.94-2.04 dirhams per share with the final offer price expected to be announced on Nov. 6.

Lulu Retail Holdings Plc increased the number of shares on offer in its Abu Dhabi initial public offering, and now targets raising as much as $1.72 billion in the United Arab Emirates’ biggest listing of the year.

Lulu International Holdings plans to sell a 25 per cent stake or 2.58 billion shares in Lulu Retail Holdings public issue. The company expects to raise $1.43 billion from the listing, reported Bloomberg on Monday.