Lulu Group International Explores Dual Listing on ADX and Tadawul Exchanges

Riyadh: Lulu Group International, a prominent hypermarket chain operator in the Middle East, is reportedly considering a dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul), according to sources cited by Asharq News.

Sources indicate that the initial public offering (IPO) is anticipated to take place in the second half of 2024 and will primarily focus on the group's core activities in Gulf countries. However, the exact extent of operations to be included in the dual listing is still under deliberation.

In preparation for the potential IPO, Lulu Group has invited banks to present their proposals for involvement in the process. The IPO has the potential to raise at least $1 billion, representing a significant milestone for the company.

To prepare for the forthcoming IPO, Lulu Group previously secured AED 10 billion ($2.5 billion) in funding to refinance existing debt, demonstrating its commitment to maintaining a solid financial foundation as it moves towards the public offering.

In 2020, the company garnered a valuation exceeding $5 billion when an investment firm, backed by a member of Abu Dhabi's ruling family, acquired a 20% stake valued slightly over $1 billion.

Lulu Group International is involved in various commercial activities, including operating shopping malls, hospitality ventures, shipping services, and real estate operations. Established by Indian businessman Yusuf Ali during the oil boom period in the early 1990s, Lulu Group currently generates an annual income of approximately $8 billion and employs over 70,000 individuals.

With a widespread presence in 26 countries across the Middle East, Asia, the US, and Europe, Lulu Group continues to expand its operations and solidify its position as a leading player in the hypermarket industry.

The potential dual listing on the ADX and Tadawul exchanges signifies Lulu Group's commitment to further growth and development, as it aims to unlock new opportunities and enhance its position in the global market.