RIYADH: Lulu Retail Holdings, the operator of a chain of hypermarkets, has declared its plan to list 2.58 billion shares, or 25% of the business, on the Abu Dhabi Securities Exchange.
A press statement states that the final offering price will be decided on November 6 and that the initial public offering will take place between October 28 and November 5.
This comes after Spinney, a company established in the United Arab Emirates, listed its shares on the Dubai Financial Market in May. Lulu Retail’s initial public offering (IPO) is the fourth listing on the ADX this year.
With 240 stores spread over six countries, including 103 in the United Arab Emirates, Lulu anticipates generating a lot of interest because of its dominant market position in the Gulf Cooperation Council region.
“With great pride, we announce the planned IPO of Lulu Retail on ADX, bringing to market the largest pan-GCC full-line retailer by selling space, sales, and number of stores,” stated Yusuff Ali, the company’s founder, chairman, and non-executive director.
“The vision and ambition of the UAE, Saudi Arabia, and the other GCC countries, where strong national leadership is enabling positive demographic and consumption trends and driving impressive economic growth, are integral to our growth,” he continued.
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