Lulu Group International, which is based in Abu Dhabi and is a big hypermarket chain and mall operator in the Middle East, they expect to launch its initial public offering (IPO) in the first half of 2024.
During an event in New Delhi on Monday, September 11, Lulu’s Chairman and Managing Director, Yusuff Ali said that the IPO will be launched in the Gulf, but they haven’t picked a specific stock exchange yet, Reuters reported.
The company has appointed investment bank Moelis to advise it on the deal..
The group, which has embarked on major expansion by opening 80 new hypermarkets across the GCC and beyond, they’ve invested 200 billion Indian rupees in India so far, and they plan to increase this number to 500 billion Indian rupees by 2025.
Back in August, LuLu Group announced that they’re 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 back in 1995 during a years-long oil boom in the Gulf region.
- It had an 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.”
