Finance Lulu Group said to raise $2.7bn before potential IPO By Pramod Kumar August 13, 2023 Shutterstock/Wiropidah Dahlan Lulu is opening two large shopping malls in Ahmedabad and Chennai in India Lulu Group International, the largest hypermarket chain operator in the Middle East, will raise AED10 billion ($2.72 billion) to refinance debt ahead of a potential initial public offering (IPO), Bloomberg reported, citing informed sources. The funding will be provided by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank and Mashreq Bank, with loans having an average maturity of 10 years. Abu Dhabi-headquartered Lulu is working on its capital structure with Moelis & Co. before a possible listing, the sources said. “This injection of funds will empower us to pay off existing debts, further extend our footprint with 80 new hypermarkets across the GCC, Egypt and beyond, enhance supply chain networks and e-commerce capabilities which will contribute positively to the economies in which we operate,” the news agency reported, citing a Lulu Group spokesperson. Founded by Indian billionaire Yusuff Ali in the early 1990s, the company has an annual revenue of about $8 billion and employs more than 65,000 people in 23 countries across the Middle East, Asia, the US, and Europe.