Lulu Group International plans Lulu Retail IPO on the Abu Dhabi Securities Exchange

Lulu Group International’s chairman M A Yusuff Ali led a press conference in Abu Dhabi to announce the business’ plans to list its Middle East-based retail arm Lulu Retail on the Abu Dhabi Securities Exchange. Ali was joined by Lulu Group’s board of directors and management team as he shared the development.

“History in making- we are excited to announce our intention to list on Abu Dhabi Securities Exchange (ADX),” announced Lulu Retail on its Facebook page, posting a video of the press conference to share the development. “From a small grocery store in 1974, we have grown into the largest full-line pan-GCC retailer, with a strong omni-channel presence including 240 stores operating across three formats, as well as a rapidly growing online presence.”
 
Lulu Retail’s initial public offering timeline began on October 21 with its intending to float announcement followed by its price range announcement. The business will then open subscriptions for Lulu Retail on October 28 2024.
 
“Lulu Retail announces its IPO, to be listed in ADX on 14th Nov 2024,” said Lulu Group India’s director of shopping malls Shibu Philips,” India Retailing reported. For its IPO, Lulu Retail will float 25% of its share capital on the Abu Dhabi Securities Exchange. The IPO “provides the opportunity to invest in the largest and fastest-growing pan-GCC full-line retailer,” announced Lulu Retail on its website.
 
Kerala born entrepreneur M A Yusuff Ali’s Lulu Group operates across the Middle East and India. The business counts a number of shopping malls in India including in Lucknow, Thiruvananthapuram, and Kochi among others.