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19 Nov 2024
Jubilant Lulu Retail Ltd. has announced a monumental achievement with its initial public offering (IPO) being oversubscribed by 25 times across all categories. This demand exceeded $37 billion, establishing a new record for a private sector IPO in the UAE.
The driving force behind Lulu Group’s remarkable success is Kerala-based businessman MA Yusuff Ali. Expressing gratitude, Ali highlighted the overwhelming support from investors across the GCC and beyond, emphasizing their deep appreciation for the trust placed in the company.
Lulu Group has a strong presence in multiple countries, including India, where it has rapidly expanded its retail footprint by opening malls, grocery stores, and hypermarkets. Founded by Ali in 2000, the company has seen significant growth, with Ali’s net worth reaching approximately ₹66,150 crore ($7.8 billion). Over 24 years, he has built an extensive business empire.
Born in Thrissur, Kerala, Yusuff Ali completed his schooling at St Xavier’s High School in Karanchira and later earned a diploma in business management. He moved to Abu Dhabi in 1973 to join his uncle’s distribution business.
In 1990, he led Lulu Group’s foray into the hypermarket sector during a transformative period for Abu Dhabi, paving the way for large outlets and hypermarkets.
Ali’s expansion into the hypermarket business quickly garnered recognition, establishing Lulu Group’s presence on a global scale. Today, Lulu Group operates malls in six Indian cities: Kochi, Thiruvananthapuram, Bengaluru, Lucknow, Coimbatore, and the latest addition, Hyderabad.
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