#UAE retailer LuLu Group plans IPO by November; to float on ADX, Tadawul

UAE retailer LuLu Group plans IPO by November; to float on ADX, Tadawul

UAE retail giant LuLu Group will open its IPO by the last week of October or early November and a dual listing is expected to raise between $1.5 billion and $1.85 billion, people familiar with the matter who asked not to be named, told Zawya.

The stock will be listed on the Abu Dhabi Securities Exchange (ADX) and Saudi Arabian stock exchange, Tadawul.

“The IPO offering should open in the window between the last week of October and early November, making it an ideal period before the December holidays set in,” a source said.

Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank and Citigroup have been tapped as book runners for the IPO, a source said, adding, the offering “will be four to five times bigger than another retail IPO the UAE saw earlier this year.”