Top Grocer LuLu’s Listing Set to Extend Middle East IPO Boom
- Deal will rank as among the year’s biggest IPOs in the region
- LuLu’s owners said to seek a valuation of at least $5 billion
A Lulu hypermarket in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
LuLu Retail Holdings Plc, which operates one of the Middle East’s largest hypermarket chains, unveiled plans to list in Abu Dhabi in what could be among the region’s biggest initial public offerings of the year.
Its owners plan to sell 2.58 billion shares in the firm, or a 25% stake, according to a statement. They are seeking a valuation of at least $5 billion, people familiar with the matter told Bloomberg News last week.