Several listed subsidiaries of the Adani empire, which spans coal, airports, cement and media, collapsed in early trade, with some losing as much as 20%
business2 days ago
Global retail giant LuLu Group International has appointed banks for its initial public offering expected to be in the second half to raise $2 billion.
Emirates NBD Capital, Abu Dhabi Commercial Bank, Citigroup, and HSBC Holdings are understood to be working on the planned offering with Moelis & Co acting as an independent financial adviser, Bloomberg reported. Representatives of the banks and LuLu declined to comment.
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The listing is expected to be on the Abu Dhabi Securities Exchange (ADX) and take place in the second half of the year. The company is also considering a dual listing to include Saudi Arabian stock exchange Tadawul.
LuLu, which operates more than 260 outlets, including department stores, mall and hypermarkets across more than two dozen countries, has its global headquarters in Abu Dhabi.
The conglomerate, which was valued at more than $5 billion in 2020, announced in August 2023 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.
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 70,000 people in 26 countries across the Middle East, Asia, the US, and Europe.
Another Middle Eastern supermarket chain, Spinneys Dubai LLC, is also planning a Dubai IPO this year, Bloomberg News has reported.
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