Lulu Group, the Abu Dhabi–based supermarket chain, has confirmed to Zawya that it has hired investment bank Moelis & Company to advise on its planned IPO next year.

Lulu Group will be listing on Abu Dhabi Securities Exchange (ADX).

V. Nandakumar, Director - Marketing & Communications at LuLu Group International, said: "Lulu Group is very confident and upbeat about the present market conditions in the UAE. We are planning to list next year and have hired Moelis & Co to advise on the IPO."

Lulu Group, founded by Indian national Yusuff Ali, operates close to 240 stores in 23 countries across the Middle East, Asia, US, and Europe. The group employs more than 60,000 people and has a sourcing and distribution network across the globe.

Proceeds of the IPO will be used for the group's business expansions, with a focus on new markets such as Iraq and North Africa.

The group has a strong sourcing and distribution network across the globe. It has sourcing offices in different parts of the world including Birmingham, New Jersey and Milan to ensure uninterrupted supply and food safety. 

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.

In June 2022, Lulu Group said it will invest 10.6 billion dirhams ($2.9 billion) over four years from 2020 to 2023.

(Writing by Seban Scaria seban.scaria@lseg.com ; editing by Brinda Darasha)