Lulu Group set to raise over US$1.5 billion via I.P.O.

Announced 2 years ago, Emirati retailer Lulu Group (2023 sales of US$8 billion via 260 supermarkets and 24 malls) is set to go public at the beginning of November 2024. This involves a dual I.P.O. on the Abu Dhabi (ADX) and Riyadh (Tadawul) Stock Exchanges. The company should raise between US$1.5 and US$1.85 billion, according to Zawya. This is four to five times greater than the largest regional I.P.O. for the retail sector in 2024. The banks running the deal are Emirates NBD Capital, HSBC Ho