LuLu Retail Holdings Plc, which operates one of the Middle East's largest hypermarket chains, unveiled plans to list in Abu Dhabi in what could be among the region's biggest initial public offerings of the year.
Its owners plan to sell 2.58 billion shares in the firm, or a 25% stake, according to an advertisement in Khaleej Times. The offer period will start Oct. 28 and the final price will be announced on Nov. 6. The firm expects to list on Nov. 14.
-
India's Market Leaders To Decode The New Samvat At NDTV Profit Ignite In Mumbai On Oct 28 -
NDTV Profit IGNITE Diwali 2026: Top Market Veterans Decode Wealth Creation -
The Week Ahead: Earnings Season, Fed Policy Verdict And Crude Oil In Focus -
Silver Is Now Down From Rs 4.2 Lakh To Rs 1.9 Lakh: Where It Goes From Here -
NDTV Ignite, The Trillion-Dollar Trajectory: India's Road to 2030
The firm will hold roadshows starting Monday, people familiar with the matter told Bloomberg News last week. Its owners are seeking a valuation of at least $5 billion, the people said at the time.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
LuLu was valued at more than $5 billion in 2020 when an investment firm backed by a member of Abu Dhabi's royal family bought a fifth of the company. The firm initially considered a dual listing in Riyadh, but now plans to sell shares only in Abu Dhabi.
Indian entrepreneur Yusuff Ali founded LuLu in the early 1990s during a years-long oil boom in the Gulf. The firm has annual revenue of about $8 billion and employs over 70,000 people in 26 countries across the Middle East, Asia, the US, and Europe, according to its website.
The firm has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc as joint global coordinators.
The potential share sale would follow high-end supermarket chain Spinneys 1961 Holding Plc's Dubai listing. The stock had a relatively muted debut, and Spinneys shares are largely unchanged from their offer price.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
