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Lulu hires Moelis & Co for IPO in 2023

The retail giant plans to list the IPO next year, but did not disclose the size of the offering.

Published: Thu 13 Oct 2022, 6:30 PM

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Lulu Group currently operates 239 supermarkets and hypermarkets in 23 countries and employs more than 60,000 people.

Lulu Group currently operates 239 supermarkets and hypermarkets in 23 countries and employs more than 60,000 people.

Lulu Group International, one of the fastest growing hypermarket chains in the world, has hired investment bank Moelis & Co to advise it on its upcoming initial public offering, the Abu Dhabi-based conglomerate confirmed on Thursday.

Speaking to Khaleej Times, V. Nandakumar, Lulu Group’s director of marketing & communications, said the retail giant plans to list the IPO next year, but did not disclose the size of the offering.

Founded by Indian-born businessman Yusuffali, Lulu Group currently operates 239 supermarkets and hypermarkets in 23 countries and employs more than 60,000 people.

Nandakumar said the group, which is on an aggressive expansion mode, will continue to add new outlets to its network as it consolidates in the Middle East and forays into new markets, including Iraq and North Africa.

“We will also be setting up more sourcing offices across the globe to ensure uninterrupted supply of food and all essential items in line with the national food security agenda. At present, we have sourcing offices in 23 countries including the USA, the UK, Spain, Italy, Turkey, the Far East and China to ensure uninterrupted supply to all our outlets,” said Nandakumar.

Lulu group, reportedly valued at over $5 billion in 2020, also operates shopping malls and other businesses including hospitality, shipping and real estate. The company has an annual revenue in excess of $8 billion, and mainly operates in markets across the Middle East, Asia, the US, and Europe.

Abu Dhabi sovereign wealth fund ADQ invested $1 billion in Lulu in 2020 to help it expand in Egypt. ADQ said at the time the deal reflected the fund's wider commitment to investing in Egypt. ADQ set up a $20 billion joint investment platform with the Sovereign Fund of Egypt in late 2019 and has invested heavily in the most populous Arab country.

— issacjohn@khaleejtimes.com



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