Middle Eastern Retail Giant LuLu Group Eyes $1 Billion IPO
Lulu was established by Indian entrepreneur Yusuff Ali during the Gulf's oil boom of the early 1990s.
The hypermarket chain LuLu Group International has initiated discussions with banks to explore potential roles in a forthcoming initial public offering (IPO) anticipated to raise $1 billion, anonymous sources familiar with the matter told Bloomberg.[1]
The hypermarket chain is eyeing a dual listing, with Riyadh and Abu Dhabi being under consideration, according to the sources.
Expected to unfold in the latter half of the year, the IPO is poised to expand LuLu's core operations within the Gulf Cooperation Council (GCC), although the specific components earmarked for the listing are yet to be determined.
LuLu, headquartered in Abu Dhabi, recently secured $2.5 billion in refinancing efforts, laying the groundwork for its potential public debut.
In 2020, LuLu garnered a valuation exceeding $5 billion, following an investment from a consortium affiliated with a member of Abu Dhabi's ruling family, wherein a 20% stake valued at slightly over $1 billion was acquired.
Lulu was established by Indian entrepreneur Yusuff Ali during the Gulf's oil boom of the early 1990s.