Lulu Group to launch IPO in first half of 2024
The UAE-based hypermarket chain and mall operator has appointed Moelis and Co as the advisers on the issue. The IPO would be on a Gulf Cooperation Council stock exchange.
Hypermarket chain and mall operator LuLu Group International plans to launch its initial public offering (IPO) in the first half of 2024, according to media reports.
In an interaction with the media on the sidelines of an event in New Delhi, Yusuff Ali, Founder of Lulu Group, said the IPO would be on a GCC (Gulf Cooperation Council) stock exchange.
However, Ali declined to disclose the size of the IPO or where the listing would take place.
The UAE-based company, which postponed its IPO plan that was originally scheduled for this year, has appointed Moelis and Co as the advisers on the issue.
Ali also announced that the company has invested $2.41 billion so far in India and plans to increase this to $6.03 billion by 2025.
Founded by Indian-born Ali, LuLu operates 254 hypermarkets and shopping malls in 10 countries, including India, Egypt, Malaysia, and Indonesia, and plans to open 80 more in GCC and other regions in two years.
The group, which was valued at over $5 billion in 2020, is raising 10 billion Dirham to refinance its debt ahead of its IPO.
Ali said the syndicated loan will help the company pay off debts, expand its market, and enhance supply chain networks and e-commerce capabilities, while boosting its global presence through IPO plans.
An investment firm backed by Abu Dhabi's royal family bought a 20% stake in the group, worth just over $1 billion, in 2020. The company is expected to grow around 15% this year.
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Edited by Swetha Kannan