Skip to content Skip to Search
Skip navigation

Lulu Group said to raise $2.7bn before potential IPO

By Pramod Kumar
Lulu is opening two large shopping malls in Ahmedabad and Chennai in India 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.

Latest articles

Switzerland-based Barry Callebaut is the world's largest manufacturer of industrial chocolate, with about a 40 percent market share in volume terms

World’s largest chocolatier plans factory in Egypt

The world’s largest producer of chocolate has said it plans to build a $30 million factory in Egypt. Switzerland’s Barry Callebaut is the world’s largest manufacturer of chocolate, with about a 40 percent market share in volume terms, and is the largest processor of cocoa beans with about 20 percent market share. Vamsi Mohan Thati, […]

Spinneys says the deal with Food Tech Valley is a 'significant step in our ambitious growth plans'

Spinneys to build processing unit in Food Tech Valley

The UAE supermarket chain Spinneys has signed a deal to build a 500,000 square foot food processing unit in Dubai’s Food Tech Valley as part of the plan to increase its locally sourced produce. The deal, which will last for 27 years, is intended to foster innovation in food processing as part of the wider […]

Turkey oil gas Somalia

Search for oil off Somalia has double motive for Turkey

Turkey’s search for oil and gas off the coast of Somalia is not just a bid to free it from a dependence on imports, observers say – the move has a geopolitical aspect, too. On October 5 the 4,800-tonne energy research vessel Oruç Reis sailed through Istanbul’s Bosphorus Strait on the first leg of its […]

The Oman desert at night. Its location near the equator makes it suitable for its planned spaceport, alongside its satellite

Oman to acquire its first national satellite

Oman is in the process of acquiring its first national satellite, the head of the country’s space programme has revealed. As part of the sultanate’s national development plan, Vision 2040, it aims to have the information and communication technology sector, which includes space technology, contribute 10 percent to the overall GDP by 2040.  “Oman is […]