The IPO timeline began on 21st October 2024 intending to Float announcement, followed by the Price Range announcement.
New Delhi: UAE-based retail conglomerate Lulu Group International announced its plans to list the Middle East-based group’s retail arm Lulu Retail on the Abu Dhabi Securities Exchange (ADX), a social media post said on Wednesday.
“From a small grocery business to becoming the No.1 Pan GCC Full-line Retailer with a legacy of 50 years. Lulu Retail announces its IPO, to be listed in ADX on 14th Nov 2024,” said Shibu Philips, Director of Shopping Malls. Lulu Group India. “Cherish the moments of record-breaking announcement today in Abu Dhabi, by Chairman Yusuff Ali MA.”
According to the details from the website, Lulu Retail has over 600K daily shoppers, 85 sourcing countries, 240 stores across all GCC countries, and $7.3 Billion Sales (7.4% 2021-23 CAGR) with an EBITDA of $753 million.
“We are pleased to announce our intention to float 25% of our share capital via an Initial Public Offering (IPO) on the Abu Dhabi Securities Exchange (ADX). Our IPO provides the opportunity to invest in the largest and fastest-growing pan-GCC full-line retailer,” the details from Lulu Retail website said“I am delighted to announce Lulu’s listing on the Abu Dhabi Securities Exchange (ADX), the latest milestone in our exciting growth journey, said Yusuff Ali MA, Chairman – of Lulu Retail according to the website.
According to the details from the website, Lulu Retail has over 600K daily shoppers, 85 sourcing countries, 240 stores across all GCC countries, $7.3 Billion Sales (7.4% 2021-23 CAGR) with an EBITDA of $753 Million.
The IPO timeline began on 21st October 2024 intending to Float announcement, followed by the Price Range announcement and the opening of subscriptions on 28th October 2024. Retail and institutional subscriptions close on 5th November 2024, with the Final Offer Price announced on 6th November 2024, and retail allocation notifications sent via SMS on 12th November 2024.
Headquartered in Abu Dhabi, United Arab Emirates, Lulu Group International was founded in 2000 by Kerala-based M. A. Yusuff Ali. It operates a chain of malls, hypermarkets and retail companies across GCC (Gulf Cooperation Council) countries, Egypt, Malaysia, Indonesia and India. Currently, Lulu Group has more than 250 hypermarkets and 25 shopping malls across 22 nations. In India, it has its presence in cities of Kerala, Lucknow in Uttar Pradesh, Bengaluru in Karnataka and Hyderabad in Telangana.
The Abu Dhabi Securities Exchange (ADX) was established on November 15, 2000, under Local Law No. (3) of 2000, granting it autonomous legal status with independent financial and management authority. This law provides ADX with the necessary supervisory and executive powers to perform its functions. On March 17, 2020, ADX transitioned from a “Public Entity” to a “Public Joint Stock Company (PJSC)” under Law No. (8) of 2020. ADX is a part of ADQ, one of the region’s largest holding companies, overseeing a wide portfolio of major enterprises across key sectors of Abu Dhabi’s diversified economy.
