Lulu Group is entering the Abu Dhabi and Saudi share market

Prominent Malayali industrialist M.A. Yousafali-led, Abu Dhabi-based Lulu Group International is gearing up for a massive initial share sale (IPO). Lulu Group is eyeing a dual listing worth around Rs 16,700 crore ($2 billion).
Lulu shares are likely to be listed on the Saudi Arabian stock exchange, Tadawul, in addition to the Abu Dhabi Securities Exchange (ADX) in the UAE. Efforts are underway to sell the first share in the second half of 2024.

Banking partners

Lulu Group has also identified banking partners for the initial share sale process. Emirates NBD Capital, Abu Dhabi Commercial Bank, Citigroup and HSBC Holdings are the banking partners for the Lulu Group IPO. Moelis & Co will act as financial advisors. So far neither the banks nor the Lulu Group have made an official announcement.

” Yousafali and Lulu Group*

MA The Lulu Group, chaired by Yousafali, currently has more than 260 outlets in more than 20 countries. The company’s scope includes shopping malls, hypermarkets, food processing centers etc.

According to reports in 2020, the Lulu Group is valued at $5 billion (approximately Rs. 41,700 crore). The 20 percent shares of the Lulu Group held by the Abu Dhabi royal family are valued at over $1 billion (Rs 8,350 crore).

The path forward for development goals

Lulu Group is gearing up to introduce and expand its presence in GCC countries, Egypt and other countries. According to reports, the company has already invested $2.41 billion (over Rs 20,000 crore) in India and is looking to increase this to $6.03 billion (Rs 50,000 crore) by 2025.
With more than 70,000 employees in the Gulf, other Asian countries, America and Europe, the Lulu Group has an annual turnover of $8 billion (Rs 66,750 crore) by 2022.