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 Retail Holdings, operator of a major hypermarket chain in the Middle East, announced on Monday that it is increasing the size of its upcoming initial public offering (IPO) from 25% to 30% in response to strong interest from both foreign and regional investors.

Lulu Retail has boosted the size of its initial public offering in Abu Dhabi to 30 per cent of its shares, up from 25 per cent, on strong demand and an additional cornerstone investor. The total offering size has been increased to 3,