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Jubilant Lulu Retail Ltd. announced that its initial public offering (IPO) was oversubscribed by 25 times across all tranches. The IPO generated demand exceeding $37 billion, setting a new record for a private sector IPO in the UAE.
Do you know who is leading the Lulu Group international? Kerala-based businessman MA Yusuff Ali
Yusuff Ali said they are deeply grateful for the overwhelming support that they have received from investors across the GCC and beyond.
Lulu Group has established a strong presence in various countries, including India. The company has quickly expanded its footprint in the retail sector by opening malls, grocery stores, and hypermarkets.
The company was founded by Ali in 2000 and he has a net worth of $7.8 billion (approx Rs 66150 crore). Ali built a vast business empire in 24 years. M. A. Yusuff Ali was born in Kerala’s Thrissur. Yusuff Ali completed his schooling from St Xavier’s High School in Karanchira and later earned a diploma in business management.
Ali moved to Abu Dhabi in 1973 to join his uncle’s distribution business. In 1990, he led Lulu Group’s entry into the hypermarket business, at a time when Abu Dhabi was reinventing itself by making way for large outlets and hypermarkets.
He expanded the business of hypermarkets and soon became a recognised face by solidifying its company’s presence globally.
At present, Lulu Group operates malls in six Indian cities: Kochi, Thiruvananthapuram, Bengaluru, Lucknow, Coimbatore, and Hyderabad, which is the latest addition.
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