The prospect of LuLu Group International going public has sparked anticipation within financial circles, with the conglomerate exploring avenues for an IPO that could mark a significant milestone in its growth trajectory. People familiar with the matter, who preferred to remain anonymous due to the sensitivity of the information, disclosed that LuLu Group had initiated talks with banks to solicit pitches for advisory roles in the IPO process.
Considering various strategic options, LuLu Group is contemplating a dual listing in Riyadh and Abu Dhabi, underscoring its ambitions to tap into diverse investor pools and capitalize on regional market opportunities. While specific details regarding the timing and scope of the IPO remain under wraps, insiders hinted that the offering could materialize in the year’s second half.
LuLu Group’s core business in the Gulf Cooperation Council (GCC) will likely be prominently in the IPO. However, definitive decisions regarding including other operations are yet to be finalized. Despite requests for comments, a representative for LuLu refrained from providing official statements on the matter.
The conglomerate’s recent financial manoeuvres, including a substantial debt refinancing initiative that raised 10 billion dirhams ($2.5 billion), have positioned it strategically for the upcoming IPO. LuLu’s aspirations for a dual listing mirror a growing trend in the region. Americana Group set a precedent in 2022 with its successful dual listing in Saudi Arabia and the United Arab Emirates.
LuLu Group International traces its roots back to the visionary leadership of Indian entrepreneur Yusuff Ali, who established the company during the Gulf region’s oil boom in the early 1990s. With an impressive annual revenue exceeding $8 billion and over 70,000 employees, LuLu operates across 26 countries spanning the Middle East, Asia, the U.S., and Europe.
While LuLu had initially explored IPO plans in 2022, the conglomerate deferred those aspirations, signalling that the timing may now be ripe for its long-anticipated debut on the public markets.
