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Lulu Group reportedly gears up for Tadawul + ADX dual listing: Supermarket chain LuLu Group is planning to list its shares on the Tadawul and ADX by the last week of October or early November, Zawya reports, citing people familiar with the matter. The IPO is expected to raise between USD 1.5-1.85 bn, the sources said.
We knew this was coming: Earlier in March, LuLu Group reportedly tapped advisors to work on its planned initial public offering on the ADX this year. The offering was said to potentially raise as much as USD 2 bn. Bloomberg reported in February that the IPO was expected to happen in 2H 2024, with the company considering a potential dual listing on the ADX and Tadawul.
ADVISORS- Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank, and Citigroup are acting as joint bookrunners for LuLu’s IPO. Moelis & Company is an independent financial advisor for the IPO.
IN OTHER IPO NEWS-
Homegrown marketing company Amaz plans to go public on the Saudi exchange, it said in a post on X. No further details were provided on the size and value of the IPO, or if it will be on Tadawul or Nomu. Amaz is a subsidiary of Ahmed Al Muhaysini Holding Co.
