UAE supermarket chain Lulu Group International has hired investment bank Moelis & Co to advise on its planned IPO next year.
Lulu Group’s director of marketing and communications, V. Nandakumar, said: “Lulu Group is very confident and upbeat about the present market conditions in the UAE. We are planning to list next year and have hired Moelis & Co to advise on the IPO.
“The market sentiment right now is strong and we are confident about the IPO next year.”
He did not disclose the size of the offering.
Lulu, one of the fastest-growing chains in the world founded by UAE Indian-born entrepreneur Yusuff Ali, currently operates 239 supermarkets and hypermarkets in 23 countries, employing more than 60,000 workers.
Mr Nandakumar said the group will continue to add new outlets to its network by consolidating in the Middle East and venturing further into global markets, such as Iraq and North Africa.
“We will also be setting up more sourcing offices across the globe to ensure uninterrupted supply of food and all essential items in line with the national food security agenda,” he said.
“At present, we have sourcing offices in 23 countries including the USA, the UK, Spain, Italy, Turkey, the Far East and China to ensure uninterrupted supply to all our outlets.”
The company’s annual revenue exceeds $8 billion, and mainly operates in markets across the Middle East, Asia, the US, and Europe.
Lulu group, valued at more than $5 billion in 2020, also operates a number of shopping malls around the world.
In 2020, ADQ, a holding company owned by the Abu Dhabi government, signed an agreement with Lulu Group International to help fund its expansion in Egypt with an investment of up to $1 billion.
In June, Lulu Group said it will invest 10.6 billion dirhams ($2.9 billion) over four years from 2020 to 2023.
