Lulu Retail announces IPO in ADX (Image:luluretail.com)

Lulu Group, which is a leading supermarket chain owned by MA Yusuff Ali, is all set to sell 25% of its shares through an initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX) as they announced on Monday. This move is expected to raise between $1.7 billion and $1.8 billion with a nominal value of Dh0.051 for each making it potentially the largest IPO in the UAE this year. The IPO will offer 2.582 billion shares with the subscription period running from October 28 to November 5, 2024, and trading is expected to begin on November 14, 2024.

M A  Yusuff Ali said “I am delighted to announce Lulu’s listing on the Abu Dhabi Securities Exchange (ADX), the latest milestone in our exciting growth journey. As we cement our position as the largest Pan-GCC retailer, with 240 stores across three formats, we are proud and excited to invite new shareholders to share in the Lulu journey. We are committed to growing our diverse store network, enhancing our existing stores and providing more products our customers love while rewarding loyal customers. Driven by investments in our digital capability, unmatched global souring capability, our private label product line and customer loyalty, Lulu is delivering consistent top and bottom-line growth. With regional macroeconomic and demographic tailwinds behind us, we believe now is a perfect time to bring Lulu to market and further enable our ambitious growth plans.”

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Lulu Group’s decision to go public comes at a time when the Middle East is experiencing a retail spending boom. The company founded by an Indian businessman in the year 1974 operates over 240 stores across six GCC countries.

“Lulu Retail is proud to announce its Initial Public Offering (IPO) and listing on the Abu Dhabi Securities Exchange (ADX) on November 14, 2024,” said Shibu Philips, Director of Shopping Malls, Lulu Group India on Wednesday. “Today, we celebrate a major milestone in Abu Dhabi, as our Chairman Yusuff Ali MA marks 50 years of growth from a small grocery store to the top retailer in the GCC,” he added.

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