Top UAE grocer Lulu to raise $2.7 billion ahead of possible IPO
- Date: 10-Aug-2023
- Source: Gulf News
- Sector:Financial Markets
- Country:UAE
Top UAE grocer Lulu to raise $2.7 billion ahead of possible IPO
Abu Dhabi-based Lulu is realigning its capital structure before a possible listing in 2024 after delaying those plans this year, the people said. It is working with Moelis & Co. on the plans, the people said.
A representative for Lulu said the funds will allow the company “to pay off existing debts, further extend our footprint with 80 new hypermarkets across the GCC, Egypt and beyond, enhance supply chain networks and e-commerce capabilities.”
Lulu “is poised to capitalize on emerging opportunities and elevate its global presence to new heights with our IPO plans,” they said.
Representatives for ADCB, ENBD and Mashreq declined to comment. DIB didn’t respond to requests for comments.
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