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Lulu Group gears up for ADX and Tadawul dual listing -report: Supermarket chain LuLu Group is planning to list its shares on the ADX and Riyadh’s Tadawul by the last week of October or early November, Zawya reports, citing people familiar with the matter. The offering “will be four to five times bigger than another retail IPO the UAE saw earlier this year,” the sources said.
The IPO is expected to raise between USD 1.5-1.85 bn, the sources said, potentially making it the biggest IPO of the year. This places it north of Spinneys, which raised AED 1.38 bn on the DFM in May; NMDC Energy’s AED 3.22 bn IPO earlier this month; and edtech firm Alef Education’s AED 1.89 bn IPO.
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 Riyadh’s Tadawul.
There’s more in the ADX pipeline:
- Abu Dhabi National Hotels tapped Citigroup and First Abu Dhabi Bank to work on a planned IPO for its catering business ADNH Catering;
- Alpha Data could tap the bourse this year;
- Etihad Airways has tapped advisors for what could be the Gulf’s first airline IPO next year.
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.
