UAE: LuLu Supermarket Plans Giant $2bn IPO

UAE: LuLu Supermarket Plans Giant $2bn IPO

LuLu Group International, which runs one of the largest supermarket chains in the Middle East, has hired investment banks for its planned initial public offering in Abu Dhabi. The hypermarket operator has appointed Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC to work on the potential $2 billion listing, the report said, adding …

The post UAE: LuLu Supermarket Plans Giant $2bn IPO appeared first on Gulf Insider.LuLu Group International, which runs one of the largest supermarket chains in the Middle East, has hired investment banks for its planned initial public offering in Abu Dhabi.

The hypermarket operator has appointed Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC to work on the potential $2 billion listing, the report said, adding that Moelis & Co is acting as independent financial advisor.

However, no final decisions have been made on timing or valuation, sources familiar with the matter said.

The offering is expected to take place in the second half of this year on the Abu Dhabi Securities Exchange (ADX). It may also pursue a dual listing in Riyadh, Saudi Arabia.

The possible IPO would be one of the larger share sales in the Gulf region this year. In 2020, an investment firm