Abu Dhabi: Founded by Indian entrepreneur M. A. Yusuff Ai, Lulu Group operates approximately 260 stores across 26 countries in the Middle East, Asia, the US, and Europe. According to the company’s website, it employs over 70,000 people and generates annual revenues of $8 billion.
The company, which currently has no public liabilities, confirmed its future listing on the Abu Dhabi Securities Exchange (ADX) in October. It has also hired the investment bank Moelis & Co. to advise on the IPO, which it plans to execute by mid-2024.
The IPO date will be announced shortly, following the final decision on the inclusion of operations in the listing. Dual listings in the Gulf region are relatively rare, with Americana Group, the operator of KFC and Pizza Hut restaurants in North Africa, being among the first establishments to dual list in Saudi Arabia and the UAE.
Investor gathering is currently underway ahead of the IPO, as reported by international media. The primary share sale will fund the commercial expansion of 80 new hypermarkets across the GCC and Egypt, further strengthening supply chain networks and e-commerce operations. Additionally, Lulu Hospitality, real estate, agriculture, food product exports, logistics centers, and food processing units will also see enhanced activities, aiming to bolster the company’s global presence.
Lulu Group, which initiated significant changes in the UAE’s retail sector since its inception in the 1990s, aims to expand its presence to 50 countries by 2030, following the completion of the first phase of the IPO. Meanwhile, Lulu Group has not officially responded to the news reported by various international media outlets.
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