LuLu prepares for biggest retailer IPO in the MENA region
The stock will be traded on both the Abu Dhabi Securities Exchange and Saudi Arabia's Tadawul when it's listed later this month
Shoppers purchase groceries at the LuLu Hypermarket located in Kerala, India. (Getty Images)
The UAE’s mega-retailer and supermarket chain LuLu Group is preparing to launch an IPO that could be as much as five times larger than any previous IPO for the industry in the MENA region.
The offering, scheduled for late October or early November, will be a dual listing aiming to raise between $1.5 billion and $1.85 billion, Zawya reports.
The stock will be traded on both the Abu Dhabi Securities Exchange and Saudi Arabia’s Tadawul.
Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank, and Citigroup have been hired to manage the offering, Zawya said.