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 LuLu Group International Appoints Financial Institutions for $2billion Abu Dhabi IPO

Owner's Profile

Staff Writer, TLR

Published on March 22, 2024, 13:22:53


Lulu group, ipo, finance

LuLu Group International has enlisted the support of financial institutions for an IPO endeavour, potentially generating $2 billion for the hypermarket chain, Bloomberg reported.

Emirates NBD Capital, Abu Dhabi Commercial Bank (ADCB), Citigroup Inc and HSBC Holdings plc are reportedly collaborating on the proposed offering, alongside Moelis & Co, serving as an independent financial advisor.

The anticipated listing is slated for the Abu Dhabi Securities Exchange (ADX) and is scheduled for the latter half of the year.
With its international headquarters situated in the emirate, LuLu operates a network exceeding 260 stores across the GCC region.

According to Bloomberg's undisclosed sources, the company is contemplating a dual listing, potentially including the Saudi Arabian stock exchange Tadawul.

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