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LuLu to launch IPO in 2024 first-half

The conglomerate was valued at more than $5 billion in 2020

LuLu Group International, a leading global hypermarket chain and mall operator, expects to launch its initial public offering (IPO) in the first half of 2024, Yusuff Ali, chairman of the Abu Dhabi-based group, said on Monday.

Speaking to media on the sidelines of an event in New Delhi, the founder of Lulu Group, the UAE’s prestigious home-grown international retail brand, said the IPO would be listed on a GCC stock exchange.

The group, which had put off its IPO plans initially planned for this year, has appointed Moelis and Co as advisers for the issue. Ali did not give details on the size of the IPO or the stock exchange chosen for the listing.

The conglomerate, which was valued at more than $5 billion in 2020, announced in August that it would be raising Dh10 billion to refinance its debt ahead of the offering. According to a Lulu spokesman, the syndicated loan underscored the confidence its financial partners have in the retail giant’s vision and strategy. “This injection of funds will empower us to pay off existing debts, further extend our footprint, enhance supply chain networks and e-commerce capabilities, which will contribute positively to the economies in which we operate," he said last month, adding that “the company is poised to capitalise on emerging opportunities and elevate its global presence to new heights with our IPO plans. Our performance so far this year is very encouraging and we expect a growth of around 15 per cent this year.”

An investment firm backed by a member of Abu Dhabi’s royal family bought a 20 per cent stake worth just over $1 billion in the group in 2020.

The group, which has embarked on major expansion by opening 80 new hypermarkets across the GCC, Egypt, and beyond, has invested $2.41 billion in India so far and intends to raise this number to $6.03 billion by 2025.

LuLu Group recorded an annual revenue of about $8 billion in 2022. It employs more than 65,000 people in 23 countries across the Middle East, Asia, the US, and Europe.