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UAE supermarket chain Lulu Group International is planning an IPO in 2023 in the UAE, Bloomberg reported, citing people familiar with the matter.
Abu Dhabi–based Lulu Group International, founded by Indian-born businessman Yusuff Ali, is one of the biggest supermarket chains in the Middle East. According to a Bloomberg report, the company has asked global banks to pitch for roles for potential listings.
Lulu Group International may opt for multiple listings in the Gulf stock exchanges, the report said.
“We don’t want to comment on market rumors,” Bloomberg quoted V. Nandakumar, Lulu Group’s director of communications, as saying.
Besides the Middle East, the company also operates shopping malls in India, Malaysia, Indonesia and Egypt. It has other businesses including hospitality, shipping and real estate.
Last Saturday, the company announced an investment of more than $463 million in India's southern state of Tamil Nadu to build two shopping malls and set up an export-oriented food-processing unit.
In 2020, ADQ, a holding company owned by the Abu Dhabi government signed an agreement with Lulu Group International to help fund its expansion in Egypt with an investment of up to $1 billion.
(Writing by Seban Scaria; editing by Daniel Luiz)
