Lulu Group International is forging ahead with its plans to get listed on the Abu Dhabi Securities Exchange (ADX) in 2023, according to V Nandakumar, director of the marketing and communications at the Abu Dhabi-based group.
In a statement to the Emirates News Agency (WAM), Nandakumar said that the conglomerate is making steady progress with its initial public offering (IPO) plans to list shares on the Abu Dhabi bourse next year.
Since the start of the year, financial markets have been witnessing increased IPOs and new listings, he said, stressing that the group’s listing on the UAE financial markets is a major opportunity to contribute to the sustainable growth of the UAE economy.
As per the UAE media reports, Lulu Group International has hired investment bank Moelis & Co to advise it on its upcoming IPO.
LuLu Group is a highly diversified conglomerate with successful business entities in strategic locations worldwide. Founded by the acclaimed business visionary Yusuff Ali MA, LuLu Group has become a key contributor in the Gulf region’s economic standing with an annual turnover worth US$8bn.
Lulu Group operates around 239 supermarkets and hypermarkets in 23 countries and employs more than 60,000 people.
Headquartered in Abu Dhabi, Lulu Group is a world-renowned purveyor of an international business portfolio that ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, hospitality assets, and real estate.
