UAE retail giant LuLu Group will open its IPO by the last week of October or early November and a dual listing is expected to raise between US$ 1.5bn and US$ 1.85bn, according to a Zawya report.
The stock will be listed on the Abu Dhabi Securities Exchange (ADX) and Saudi Arabian stock exchange, Tadawul.
Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup have been tapped as book runners for the IPO, a source said, adding, the offering will be four to five times bigger than another retail IPO the UAE saw earlier this year.
Abu Dhabi-headquartered LuLu Group, founded by MK Yusuf Ali in 1995, operates 260 LuLu stores and 24 shopping malls across the GCC, Egypt, India, and the Far East.
ADQ bought a 20% stake worth just over US$ 1bn in the group in 2020, paving the way for an investment supporting the group’s expansion of operations in Egypt.
