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 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 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.