- The LuLu Group, a hypermarket chain and mall operator based in the UAE, has set its sights on launching its initial public offering (IPO) during the first half of 2024. Lulu's Chairman and Managing Director, Yusuff Ali, disclosed that the company has enlisted Moelis and Co as its IPO advisor. While the IPO's destination is the Gulf region, the specific stock exchange has yet to be determined.
- Regarding their investments in India, Ali noted that the company has already committed 200 billion Indian rupees ($2.41 billion) and aims to increase this figure to 500 billion Indian rupees ($6.03 billion) by 2025. The company's representative disclosed on Monday that they are targeting the opening of 80 additional hypermarkets across the GCC and various other countries within the next two years.
Why it matters
LuLu's IPO plans coincide with a surge in listing activity observed on regional stock markets, including the ADX, the Dubai Financial Market, and Saudi Arabia's Tadawul. This uptick in listing activity comes as these economies rebound from the slowdown induced by the COVID-19 pandemic, driven by higher oil prices and ongoing government reforms.
