Lulu Group International, a leading global hypermarket chain and mall operator is planning to launch an initial public offering (IPO) in the first half of 2024. The company is reportedly targeting a valuation of $20 billion to $25 billion.
Lulu Group is headquartered in Abu Dhabi and operates over 200 hypermarkets and malls in 22 countries. The company is owned by the Yusuff Ali Group, a privately held conglomerate based in the United Arab Emirates.
The IPO is expected to be the largest in the Middle East since Saudi Aramco’s IPO in 2019. Lulu Group is seeking to raise funds to expand its operations in existing markets and to enter new markets.
The company is also looking to invest in new technologies, such as artificial intelligence and robotics, to improve its operations.
The IPO is expected to be well-received by investors, as Lulu Group is a well-established and profitable company with a strong track record of growth. The company is also seen as a beneficiary of the growing middle class in the Middle East and North Africa region.
The IPO is also expected to boost the UAE’s capital markets, which have been relatively quiet in recent years. The UAE government is keen to attract more foreign investment and to make the UAE a regional hub for IPOs.
The IPO is still in the early planning stages, and it is possible that the timing or the valuation could change. However, the IPO is a major milestone for Lulu Group and is a sign of the company’s confidence in its future growth prospects.
Here are some additional details about the Lulu Group:
- “What is Lulu Group?”
- Lulu Group is a leading global hypermarket chain and mall operator. It is headquartered in Abu Dhabi and operates over 200 hypermarkets and malls in 22 countries.
- “Who owns Lulu Group?”
- Lulu Group is owned by the Yusuff Ali Group, a privately held conglomerate based in the United Arab Emirates.
- “When was Lulu Group founded?”
- Lulu Group was founded in 1979 by Yusuff Ali M.A., a businessman from Kerala, India.
- “Where does Lulu Group operate?”
- Lulu Group operates in over 22 countries, including the United Arab Emirates, Saudi Arabia, India, Egypt, Indonesia, and Malaysia.
- “What are the most popular products sold at Lulu Group?”
- Lulu Group sells a wide variety of products, including food, electronics, clothing, and home appliances. Some of the most popular products include fresh produce, meat, seafood, and groceries.
- “Is Lulu Group profitable?”
- Yes, Lulu Group is a profitable company. In 2022, the company reported a net profit of $1 billion.
- “What are the future plans for Lulu Group?”
- Lulu Group plans to expand its operations in existing markets and enter new markets. The company is also looking to invest in new technologies, such as artificial intelligence and robotics, to improve its operations.
- How many employees does Lulu Group have?”
- Lulu Group has over 50,000 employees.
- What is the difference between Lulu Hypermarket and Lulu Express?”
- Lulu Hypermarket is a large-format store that offers a wide variety of products, including food, electronics, clothing, and home appliances. Lulu Express is a smaller-format store that focuses on groceries and convenience items.
- Here is a breakdown of Lulu Group’s branches by country:
- United Arab Emirates: 102
- Saudi Arabia: 50
- India: 24
- Egypt: 23
- Indonesia: 12
- Malaysia: 10
- Kuwait: 8
- Qatar: 6
- Oman: 5
- Bahrain: 4
- Jordan: 3
- Lebanon: 2
- Yemen: 1
- Sri Lanka: 1
- Kazakhstan: 1
- Singapore: 1
- Lulu Group is also planning to open new branches in a number of other countries, including Turkey, the Philippines, and Vietnam.