Lulu Retail Holdings shares fall on debut after $1.72 bn Abu Dhabi IPO

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Lulu Retail Holdings shares fall on debut after $1.72 bn Abu Dhabi IPO - Business Standard

Quick Summary:

The hypermarket chain operator fell to as much as 1.99 dirhams ($0.54) per share in its Abu Dhabi trading debut, down 2.5 per cent from the offer price of 2.

Lulu has since grown into one of the Middle East’s largest hypermarket chains and reported a profit of $192 million last year.

The muted debut comes two weeks after Oman’s OQ Exploration & Production dropped 8 per cent in its debut after a record $2 billion offering.