Lulu Retail Holdings—a Middle East hypermarket chain founded by Indian billionaire M.A. Yusuff Ali—increased the size of its IPO and now aims to raise as much as $1.7 billion amid robust demand for its shares.

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.