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MA Yussuf Ali

UAE retailer giant Lulu Group, owned by Indian businessman MA Yussuf Ali is planning an initial public offering in October or November, people familiar with the matter told Zawya. 

According to the report, the company's stock will be listed on the Abu Dhabi Securities Exchange and the Saudi Arabian Stock Exchange, Tadawul, and the dual listing is expected to raise between $1.5 billion and $1.85 billion. 

"The IPO offering should open in the window between the last week of October and early November, making it an ideal period before the December holidays set in," said the people who wished to stay anonymous. 

Bookrunners Finalized

The report further noted that Lulu Group has appointed Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup as the bookrunners for the IPO. 

In 2022, Lulu Group onboarded Moelis & Co as financial advisor for the upcoming listing. 

According to sources, Lulu Group's IPO will be much bigger than the floating of stocks made by Spinneys in April, which raised $1.38 billion. 

Lulu Group: All You Need to Know 

Established in 1990, Lulu Group is now one of the biggest hypermarket chains globally. 

The Group currently operates 260 LuLu stores and 24 shopping malls across the Gulf Cooperation Council region, Egypt, India, and the Far East. 

A few days back, Lulu Group announced that it is investing $480 million to develop a shopping mall in Ahmedabad, India, which is touted to be the biggest of its kind in the nation. 

Yussuf Ali said that the new shopping mall in Ahmedabad is expected to create over 3,000 jobs. 

In September 2023, Ali said that the company is actively continuing its expansion in India by developing shopping malls and luxury hotels. 

"We are going to construct one of the largest shopping malls in Ahmedabad and Chennai. Also, we are going to different states for shopping malls and food processing," said Ali.