SHOPPING FOR SHARES

UAE retail giant LuLu to sell 25% stake in supermarket chain

The Abu Dhabi-based company founded by Yussuf Ali counts ADQ as an investor, having sold the sovereign wealth fund a 20% stake in 2020

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LuLu hypermarket and mall at D ring Road Doha.

UAE retail giant LuLu plans to sell a 25% stake of the company in an IPO starting Oct. 28, with its shares hitting the ADX trading floor on Nov. 14.

The business, which owns hypermarkets, supermarkets and malls across the MENA region, as well as in India and Malaysia, is looking to raise as much as $1.8 billion through the share sale, Zawya reports.

The Abu Dhabi-based company founded by Yussuf Ali counts ADQ as an investor, having sold the sovereign wealth fund a 20% stake in 2020.

Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup are joint bookrunners on the IPO, with Moelis & Co. retained as financial advisor.