{"id":90331,"date":"2024-03-22T00:00:00","date_gmt":"2024-03-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lulu-moves-forward-with-planned-ipo\/"},"modified":"2024-03-22T00:00:00","modified_gmt":"2024-03-22T00:00:00","slug":"lulu-moves-forward-with-planned-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/22\/lulu-moves-forward-with-planned-ipo\/","title":{"rendered":"Lulu moves forward with planned IPO"},"content":{"rendered":"

Lulu taps banks for IPO this year: <\/strong>Supermarket chain operator LuLu Group<\/a>International<\/a> has reportedly tapped <\/font>Abu Dhabi Commercial Bank, Citigroup, Emirates NBD, and HSBC Holdings to work on its planned initial public offering on the ADX this year, Bloomberg<\/a> reports, citing people familiar with the matter. Moelis & Company has also been appointed as an independent financial advisor for the IPO.<\/p>\n

The offering could raise as much as USD 2 bn<\/strong>, Bloomberg\u2019s sources say, although no details were provided on the exact timing and size of the offering. The business information service reported last month<\/a> that the IPO is expected to happen in 2H 2024, with the company considering a potential dual-listing on the ADX and Riyadh\u2019s Tadawul. Abu Dhabi-headquartered LuLu \u2014 which valued itself at north of USD 5 bn in 2020 when it sold a stake to Abu Dhabi wealth fund ADQ and last explored the possibility of an IPO in 2022 \u2014 is likely to list its GCC assets in the transaction. <\/p>\n

In context: <\/strong>Dual listings in the UAE and Saudi Arabia are rare, with MENA restaurant operator Americana Restaurants<\/a> being the most recent company to go for an ADX + Tadawul listing in 2022.<\/p>\n

About LuLu: <\/strong>LuLu has 18 hypermarkets and seven shopping malls in its pipeline<\/a> as it pushes ahead with aggressive growth plans. It has some 70k employees across more than two dozen countries, but its centers of gravity are the GCC, India and, more recently, Egypt.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company selected ADCB and Emirates NBD to advise on the planned IPO<\/p>\n","protected":false},"author":1,"featured_media":90332,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1560],"tags":[215,74,260,7,248,149,641,462],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-90331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-abu-dhabi-commercial-bank","tag-adx","tag-emirates-nbd","tag-enterpriseam-uae","tag-hsbc","tag-ipo-watch","tag-lulu-group","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"fa864923-b630-428a-8983-899370e1ccb4","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1361.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Lulu taps banks for 2024 IPO","related_issue":[90325],"teaser":"The company selected ADCB and Emirates NBD to advise on the planned IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.7d1ab9ac-0b04-491e-a168-06e2130b5e3a.mp3"},"yoast_head":"\nLulu moves forward with planned IPO - 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