The market is buzzing with news of IPO every now and then. Coming up next is UAE-based LuLu Group, which runs one of the Middle East’s largest hypermarkets chains. The conglomerate is planning to launch its IPO in UAE in 2023.
The mega empire has asked global banks to pitch for roles for potential listings. The Abu Dhabi-headquartered USD 7.4 billion conglomerate may opt for multiple listings in the Gulf stock exchanges.
Founded by Indian-born businessman Yusuff Ali, LuLu was first set up in the early 1990s, during the golden days when oil was booming in the Gulf. Ever since, the company has diversified from shopping malls and other businesses to hospitality, shipping and real estate. With an employee base of more than 57,000, it operates in 22+ countries across the Middle East, Asia, US, and Europe.
Expansion in India on its mind: LuLu Group has entered into an MoU with Tamil Nadu government. The plan is to pump in funds worth Rs 3,500 crore in the state to set up shopping malls, hypermarkets and a food processing and logistic centre.
Too long? Here’s a one-liner: Abu Dhabi’s Lulu invites pitches for IPO 2023 UAE Listing; pumps in funds in Tamil Nadu with new infra plans on its mind.