Lulu explores dual listing on Tadawul, ADX in H2 2024: Report

Logo of Lulu Group International

Abu Dhabi-headquartered Lulu Group International, one of the largest hypermarket chain operators in the Middle East, is considering a dual listing on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul), Asharq News reported, citing sources.

The initial public offering (IPO) is expected to take place in the second half of 2024, the sources added, noting that it would be related to the group’s main activity in Gulf countries. However, the specific scope of the operations to be included in the dual listing process has not been finally agreed upon yet.

Lulu Group invited banks to pitch for roles on the potential IPO, which could raise at least $1 billion.

The group earlier raised AED 10 billion ($2.5 billion) to refinance debt ahead of a potential public offering.

Lulu was valued at more than $5 billion in 2020 when an investment firm backed by a member of Abu Dhabi's ruling family bought a 20% stake worth just over $1 billion.

The company operates shopping malls and other commercial activities, including hospitality, shipping and real estate.

Lulu, founded by Indian businessman Yusuf Ali in the early 1990s during the oil boom period in the Gulf region, has an annual income of about $8 billion and a workforce exceeding 70,000 employees.

The company operates in 26 countries throughout the Middle East, Asia, the US and Europe, according to the company’s website.