Billionaire’s Lulu Disappoints in Debut After Mega UAE IPO
A Lulu Retail Holdings Plc hypermarket in Riyadh.
Photographer: Tasneem Alsultan/BloombergThis article is for subscribers only.
Lulu Retail Holdings Plc’s shares closed flat after its $1.72 billion initial public offering in Abu Dhabi, marking the second instance of a muted debut for a large Middle Eastern listing in recent weeks.
The hypermarket chain operator ended at 2.04 dirhams ($0.56) per share Thursday, erasing earlier losses of as much as 2.5%. The United Arab Emirates’ largest IPO of the year was priced at the top end of the marketed range.