The company that operates one of the largest hypermarket chains in the Middle East, Lulu Retail Holdings of the United Arab Emirates, announced on Monday that it intends to sell a 25% share in its IPO.
The offering by the conglomerate, which has over 240 outlets across six Gulf Co-operation Council (GCC) nations, coincides with a surge in retail expenditure in the area that is encouraging more domestic listings by businesses in the industry.
According to Lulu’s IPO paperwork, the listing, which is scheduled to take place from October 28 to November 5, will offer about 2.582 billion shares and is anticipated to begin trading on the Abu Dhabi Securities Exchange on November 14.
Established in 1974 by Yusuff Ali, an Indian entrepreneur, Lulu joins other supermarket chains that have listed, such as UAE-based Spinneys this year, and Saudi grocery retailer BinDawood Holding in 2020.
The kingdom’s wealth fund last year purchased a 30% interest in Tamimi Markets prior to the supermarket chain’s anticipated initial public offering (IPO), while Saudi Arabia’s Savola Group announced in February that it intended to list its grocery business Panda Retail. According to a 2022 Reuters story, Lulu had engaged investment firm Moelis & Co. as an adviser and was considering an initial public offering.
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