Lulu plans IPO next year; Moelis & Co appointed banker

While Lulu has confirmed that it has hired Moelis & Co for the IPO, it has not revealed the amount it planned to raise through the share issuance.
Chairman and Managing Director of LuLu Group Yusuffali MA (Photo | A Sanesh, EPS)
Chairman and Managing Director of LuLu Group Yusuffali MA (Photo | A Sanesh, EPS)
Updated on
2 min read

KOCHI: Supermarket chain Lulu Group International, founded by Malayali expatriate Yusuff Ali M A, is planning an initial public offering (IPO) in the Gulf stock market. Lulu, which operates 239 hypermarkets and supermarket stores in 23 countries and employs over 60,000 people, has appointed investment bank Moelis & Co for the IPO, which is likely to be listed in Abu Dhabi Securities Exchange.

While Lulu has confirmed that it has hired Moelis & Co for the IPO, it has not revealed the amount it planned to raise through the share issuance. It is learnt that the funds will be used for its aggressive expansion plans in existing and new markets such as Iraq and North Africa.

A statement by a Lulu spokesman said the IPO is planned for next year.

With a net worth of $5.4 billion, Yusuff Ali is ranked the 35th richest Indian in the latest Forbes billionaires list. Lulu has sourcing offices in 23 countries including the USA, the UK, Spain, Italy, Turkey, the Far East and China, which ensures uninterrupted supply to all its supermarkets, according to Lulu's website.

Thanks to high oil prices and rising inflows from investors, there has been a boom in Gulf stock market listings this year. According to reports in the Gulf media outlets, Saudi Arabia’s stock exchange reportedly has 50 applications for IPOs this year while Dubai plans to list 10 government and state-owned companies. Abu Dhabi Securities Exchange is expected to list 13 more listings this year.

The top five IPOs in the GCC region this year are Dewa Utilities ($6.6 bln in April), Borouge Manufacturing ($2 bln in May), Abu Dhabi Ports ($1.1 bln in February) and Elm Co ($819 mln in February) and Aldawaa Medical ($496 mln in March).

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com