Lulu Group’s IPO In 2024 – Here Is What Group Chairman MA Yufuff Ali Said (Image: lulugroupinternational.com)

LuLu Group International, an Indian Emirati-based multinational conglomerate company that operates a chain of hypermarkets and retail companies, is expected to launch its initial public offering or IPO in the first half of 2024, news agency Reuters reported. Reuters quoted Yusuff Ali, chairman of the group, who said the company”s shares will be listed in gulf. The Lulu Group is headquartered in Abu Dhabi, United Arab Emirates.

Lulu was founded in 2000 by Mr Ali, a native of Kerala, India. LuLu Group International mainly operates the international chain of hypermarkets named “Lulu Hypermarket”.

The Group has appointed Moelis and Co as its advisor for the IPO, Reuters quoted Mr Ali, as he was speaking on the sidelines of an event in the national capital.

The company has not yet decided the stock exchange in which the IPO will be launched.

“The company has invested 200 billion Indian rupees ($2.41 billion) so far and intends to raise this number to 500 billion Indian rupees ($6.03 billion) by 2025,” Mr Ali said.

It was reported earlier that the Group is planning to raise Dh10 billion, that is, $2.72 billion ahead of an IPO. The funds would be allocated to refinancing of existing debts, reports had said then.

A major player in the economic scenario of the West Asia with an annual turnover of USD 8 billion and staff force of over 65,000, its worldwide operations cover business divisions in retail segment for the popular hypermarket brand, shopping mall destinations, food processing plants, wholesale distribution, hospitality properties, and real estate development.

Lulu Group has retail stores present in the UAE, India, Saudi Arabia, Bahrain, Kuwait, Oman, Egypt, Malaysia, and Indonesia and with its distribution companies located in India, US, Europe, West Asian countries, and the Philippines and, according to the Group, more trading offices expected to in Turkey and Vietnam.