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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]