Abu Dhabi-based leading hypermarket chain and mall operator in the Middle East, LuLu Group International, expects to launch its initial public offering (IPO) in the first half of 2024.
Speaking to media on the sidelines of an event in New Delhi, Lulu’s Chairman and Managing Director Yusuff Ali on Monday, September 11, said that the IPO will be launched in the Gulf, but no specific stock exchange has been decided, Reuters reported.
The company has appointed investment bank Moelis to advise it on the deal.
LuLu’s IPO plans come amid a surge in listing activity on local stock exchanges, including Abu Dhabi Securities Exchange, Dubai Financial Market, and Saudi Arabia’s Tadawul, as their economies recover from the COVID-19-induced slowdown due to rising oil prices and government reforms.
The group, which has embarked on major expansion by opening 80 new hypermarkets across the GCC, and beyond, has so far invested 200 billion Indian rupees in India and plans to increase this number to 500 billion Indian rupees by 2025.
In August, LuLu Group announced that it seeking to raise Dirhams 10 billion (Rs 22,500 crore), ahead of a possible initial public offering (IPO) next year.
About LuLu Group
The company operates shopping centers and other commercial activities, including hospitality, shipping, and real estate.
The firm was founded by Kerala-born MA Yusuff Ali in 1995 during a years-long oil boom in the Gulf region.
It had annual revenue of about 8 billion dollars and employed more than 65,000 people in 23 countries across the Middle East, Asia, the US, and Europe, according to its official website.
