Lulu Group making steady progress with IPO plans to list shares on ADX in 2023

The Lulu Group International is forging ahead with its plans to get listed on the Abu Dhabi Securities Exchange (ADX) in 2023, according to V. Nandakumar, Director of the Marketing and Communications, at the Abu Dhabi-based group.

In exclusive statements to the Emirates News Agency (WAM), Nandakumar said that the conglomerate is making steady progress with its initial public offering plans to list shares on the Abu Dhabi bourse next year.

Since the start of the year, financial markets have been witnessing increased IPOs and new listings, he said, stressing that the group's listing on the UAE financial markets is a major opportunity to contribute to the sustainable growth of the Emirati economy.

The recent period saw multiple listings on the UAE bourses, including Abu Dhabi Ports, the Dubai Electricity and Water Authority (DEWA), Borouge, TECOM Group, SALIK, Burjeel Holdings, ADC, Fertiglobe, Adnoc Drilling, Alpha Dhabi Holding, and Multiply.

A number of other firms are considering theirs initial public offerings on ADX and the Dubai Financial Market to build up resilience against international uncertainties.