Lulu appoints banks for $2bn IPO says report
ABU DHABI, March 22, 2024
LuLu Group International, the region’s largest hypermarket company, has appointed banks for an IPO, which could see the hypermarket chain raise $2 billion, Bloomberg has reported.
Emirates NBD Capital, Abu Dhabi Commercial Bank (ADCB), Citigroup and HSBC Holdings are understood to be working on the planned offering with Moelis & Co acting as an independent financial advisor, the report said.
The listing is expected to be on Abu Dhabi Securities Exchange (ADX) and take place in the second half of the year.
LuLu’s international headquarters is based in the emirate. It operates more than 260 stores in the GCC.
