One of the Middle East’s largest supermarket chains, Lulu Group to expect an initial public offering (IPO) listing in the early quarter of the next year 2023.
The diversified conglomerate – valued at more than $5 billion in 2020 – has asked global banks to pitch for roles for potential listings, the people said, asking not to be identified as discussing confidential information. The firm may opt for multiple listings in the Gulf stock exchanges, one of the people said.
Deliberations are ongoing and no final decisions have been made on the venue or details of the offering, the people said. It wasn’t immediately clear if Lulu wants to list parts of the business or the entire firm.
Abu Dhabi-based Lulu Group was founded by Indian entrepreneur Yusuff Ali, who set up the first Lulu store in the early 1990s during a years-long oil boom in the Gulf region. The company also operates shopping malls and other businesses including hospitality, shipping and real estate. The company has an annual revenue of about $8 billion, employs more than 57,000 people and mainly operates in 22 countries located across the Middle East, Asia, the US, and Europe.
“We don’t want to comment on market rumours,” said V. Nandakumar, Lulu Group’s director of communications.
Moreover, Saudi Arabia’s sovereign wealth fund considers a potential investment in Lulu Group International after ADQ acquired one-fifth of the Group for over $1 billion in the late quarter of 2020.