Abu Dhabi-headquartered Lulu Group International, headed by prominent Malayalee businessman MA Yusuffali, is preparing for a large-scale initial share sale (IPO). The Lulu Group is planning a dual listing of about Rs 16,700 crore ($2 billion).
Lulu shares are likely to be listed on the Saudi Arabian stock exchange Tadawul in addition to the UAE's Abu Dhabi Securities Exchange (ADX). The first sale is planned for the second half of 2024.
Banking partners
Lulu Group has also finalised the banking partners for the initial share sale process.Emirates NBD Capital, Abu Dhabi Commercial Bank, Citigroup and HSBC. Lulu Group is the banking partner of the IPO.The financial advisor will be Moelis & Co.So far, no official announcement has been made by the banks or Lulu Group.
Yusuff Ali and the Lulu Group
The Lulu Group, chaired by M.A. Yusuff Ali, currently has more than 260 outlets in more than 20 countries. The company's range includes shopping malls, hypermarkets, food processing centers, etc.
As of 2020, Lulu Group is valued at $5 billion (approximately Rs 41,700 crore). The 20 per cent stake held by the Abu Dhabi royal family in Lulu Group is valued at over $1 billion (Rs 8,350 crore).
The road to development goals
Lulu Group is planning to expand its presence in GCC countries, Egypt and other countries. The company, which has already invested $2.41 bn (over Rs 20,000 crore) in India as per reports, is looking to increase this to $6.03 bn (Rs 50,000 crore) by 2025.
With more than 70,000 employees across the Gulf, other Asian countries, the Americas and Europe, Lulu Group's annual turnover for 2022 is $8 billion (Rs 66,750 crore).
