LuLu Group Plans $1bn Dual IPO on Saudi and Abu Dhabi Exchanges: Report

LuLu Group International, a major hypermarket operator in the Middle East, is actively engaging investment banks for potential roles in a substantial initial public offering (IPO) anticipated to raise at least $1 billion, as reported by Bloomberg. Insider sources reveal the conglomerate is contemplating a dual listing in Riyadh and Abu Dhabi, with the IPO targeted for the latter half of 2024. The specific operational scope is yet to be finalized but is expected to encompass LuLu’s central Gulf Cooperation Council business.

In preparation for the IPO, LuLu secured AED10 billion last year, earmarked for debt refinancing. While dual listings are uncommon in the region, Americana Group executed one in Saudi Arabia and the UAE earlier in the year.

LuLu Group, valued at over $5 billion in 2020 following a 20 percent stake acquisition by an Abu Dhabi investment vehicle, was founded by Indian entrepreneur Yusuff Ali during the Gulf oil boom. The conglomerate boasts an annual revenue of approximately $8 billion, employing over 70,000 staff operating across 26 countries.

Earlier plans for a 2022 listing were delayed, as investment banks had been previously approached for pitches. The company has chosen not to comment on its prospective IPO plans.