{"id":95862,"date":"2024-09-17T00:00:00","date_gmt":"2024-09-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/lulu-group-to-tap-adx-in-november-with-plans-for-dual-listing-on-tadawul-report\/"},"modified":"2024-09-17T00:00:00","modified_gmt":"2024-09-17T00:00:00","slug":"lulu-group-to-tap-adx-in-november-with-plans-for-dual-listing-on-tadawul-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/17\/lulu-group-to-tap-adx-in-november-with-plans-for-dual-listing-on-tadawul-report\/","title":{"rendered":"Lulu Group to tap ADX in November, with plans for dual listing on Tadawul -report"},"content":{"rendered":"

Lulu Group gears up for ADX and Tadawul dual listing -report:<\/strong> Supermarket chain LuLu Group<\/a> is planning to list its shares on the ADX and Riyadh\u2019s Tadawul by the last week of October or early November, Zawya<\/a> reports, citing people familiar with the matter. The offering \u201cwill be four to five times bigger than another retail IPO the UAE saw earlier this year,\u201d the sources said.<\/p>\n

The IPO is expected to raise between <\/strong>USD <\/strong>1.5-1.85 bn<\/strong>, the sources said, potentially making it the biggest IPO of the year. This places it north of Spinneys, which raised AED 1.38 bn<\/a> on the DFM in May; NMDC Energy\u2019s AED 3.22 bn<\/a> IPO earlier this month; and edtech firm Alef Education\u2019s AED 1.89 bn IPO<\/a>. <\/p>\n

We knew this was coming: <\/strong>Earlier in March<\/a>, LuLu Group reportedly tapped advisors to work on its planned initial public offering on the ADX this year. The offering was said to potentially raise as much as USD 2 bn. Bloomberg reported in February<\/a> that the IPO was expected to happen in 2H 2024, with the company considering a potential dual-listing on the ADX and Riyadh\u2019s Tadawul. <\/p>\n

There\u2019s more in the ADX pipeline:<\/strong><\/p>\n