As the Middle East’s largest hypermarket chain, LuLu Retail Holdings Plc is preparing for a massive IPO on the Abu Dhabi stock exchange that is tipped to be one of the heftiest offerings in the region for the year. LuLu’s owners intend to float 2.58 billion shares which is 25 per cent of the company’s stake, the offering opens on October 28. The true cost will be established on 6 November while the firm will go public on 14 November.
Lulu Group which was started by the prominent Indian businessman AbdulRI Zamzami alias Yussuf Ali in early 1990s when the gulf region was in its oil bonanza seems to have a worth of at least $5 billion now. With annual revenue of almost $ 8 billion, LuLu group has more than 230 outlets located in 26 countries in the Middle East, Asia, USA and Europe and has more than 70,000 employees.
What started as a bid for a dual listing in Riyadh has now transformed in to an IPO exclusively for Abu Dhabi. Last week; Spinneys 1961 Holding Plc, a new entrant in Dubai listed its IPO and this also is likely to pull a lot of interest to the listing.
LuLu’s IPO is advisory of which international investment banks such as Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital, and HSBC Holdings Plc.
