Lulu Group To Launch IPO In First Half Of 2024: Report

Hypermarket chain Lulu Group International is reportedly planning to launch its initial public offering (IPO) in the first half of 2024. The chairman of Lulu Group, Yusuff Ali, in a media event said that the IPO would be on a Gulf Cooperation Council stock exchange.

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However, Ali didn’t disclose the size of the IPO or where the listing would take place. The company was originally supposed to launch its IPO this year and had appointed Moelis and Co as the advisers on the issue.

Ali further added that the company has invested $2.41 billion so far in India and plans to increase this to $6.03 billion by 2025. The group, previously valued at more than $5 billion in 2020, is currently seeking to secure 10 billion Dirhams for the purpose of refinancing its debt in preparation for its IPO.

Lulu Group operates 254 hypermarkets and shopping malls in 10 countries, including India, Egypt, Malaysia, and Indonesia, and plans to open 80 more in GCC and other regions in two years.

Ali stated that the syndicated loan will assist the company in debt repayment, market expansion, and the improvement of its supply chain networks and e-commerce capabilities. This will also strengthen its global presence as it progresses with its IPO plans.

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Abu Dhabi’s royal family backed investment firm bought a 20% stake in the group worth $1 billion in 2020. As per media reports, the company is expected to grow around 15% this year.