{"id":24124,"date":"2023-09-12T14:06:05","date_gmt":"2023-09-12T14:06:05","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=24124"},"modified":"2023-09-12T14:06:26","modified_gmt":"2023-09-12T14:06:26","slug":"lulu-groups-ipo-plans-for-2024","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/09\/12\/lulu-groups-ipo-plans-for-2024\/","title":{"rendered":"Lulu Group discloses IPO plans for early 2024"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">Abu Dhabi-based retail giant\u00a0<\/span><a href=\"https:\/\/www.lulugroupinternational.com\/news\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">LuLu Group International<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is planning to launch an initial public offering (IPO) in the first half of next year and list its shares on the Abu Dhabi Securities Exchange.\u00a0<\/span><\/p>\n<p class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__small__1kGq2 body__full_width__ekUdw body__small_body__2vQyf article-body__paragraph__2-BtD\" data-testid=\"paragraph-1\">The <a href=\"https:\/\/www.meretailnews.com\/2023\/08\/14\/lulu-group-s-ipo\/\">company<\/a> has appointed Moelis and Co as its advisor for the IPO, Lulu&#8217;s chairman and managing director, Yusuff Ali, told reporters.<\/p>\n<p><span data-preserver-spaces=\"true\">Originally targeted for this year, the IPO plans coincide with a surge in listing activity on regional stock markets as economies are reviving after the lockdown-induced slowdown.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The retailer also intends to add 80 more hypermarkets in the GCC and other countries within the next two years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">One of the largest supermarket chains in the GCC, founded by Indian-born businessman Yusuff Ali, LuLu Group operates 254 hypermarkets and shopping malls in 10 countries, including Egypt, India, Malaysia and Indonesia.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the second quarter of 2023, IPO volume in the Mena region increased by 44 per cent year-on-year, driven by the UAE and Saudi Arabia.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0However, proceeds from Mena listings dropped by 80 per cent to $1.8 billion, according to EY data.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last month, the retailer announced it is raising Dh10 billion ($2.72 billion) to refinance debt ahead of a potential initial public offering, according to its spokesperson.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The conglomerate is borrowing funds from Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank and Mashreq Bank. The loans have an average maturity of 10 years.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In 2022, Middle East IPOs raised over $23 billion from 48 listings, compared to $7.52 billion from 20 offerings in the previous year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0LuLu Group International\u00a0is set to launch an initial IPO in H1 2024 and list its shares on the Abu Dhabi Securities Exchange<\/p>\n","protected":false},"author":40,"featured_media":22518,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[4014,3966],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24124"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=24124"}],"version-history":[{"count":3,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24124\/revisions"}],"predecessor-version":[{"id":24127,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/24124\/revisions\/24127"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/22518"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=24124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=24124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=24124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}