Abu Dhabi-based retail big Lulu Retail, promoted by non-resident Indian businessman MA Yusuffali, on Monday launched its $ 1.43 billion (Rs 12,000 crore) preliminary public providing (IPO) within the Gulf area.
The retail chain has confirmed the IPO vary at dirham 1.94-2.04 per share, with the ultimate pricing to be confirmed November 5. The IPO worth vary means a problem dimension dirham 5.01-5.27 billion ($1.36-1.43 billion). Its shares might be listed on the Abu Dhabi Securities Change.
As soon as the IPO is concluded, Yusuffali’s household – initially from Kerala — will retain an efficient 60 per cent stake in Lulu Retail Holdings. Yusuffali had beforehand bought a 20 per cent stake in Lulu Worldwide Holdings Ltd to the Abu Dhabi Developmental Holding Firm (ADQ) in 2021.
Retail buyers are assured a minimal 1,000 shares, on minimal investments of dirham 5,000 and a number of of dirham 1,000 thereafter. The Gulf area together with Abu Dhabi, UAE and Kuwait have a sizeable NRI inhabitants.
The corporate mentioned {that a} whole of two.582 billion shares, every with a nominal worth of $0.014 (equal to AED 0.051), representing 25 per cent of the overall issued shares within the firm, are to be bought by the corporate’s sole shareholder, Lulu Worldwide Holdings Ltd, the place Yusuffali’s household holds 80 per cent stake.
Lulu Retail earned $3.9 billion’s income for the 2024 first-half, up 5.6 per cent on the 12 months, whereas the full-year income in 2023 rose 5.6 per cent to $7.3 billion.
In India, the Lulu group owns malls in Kochi, Bangalore, Lucknow, Coimbatore, Trivandrum, Palakkad, Hyderabad and Calicut.
Yusuffali, who’s the founding shareholder of the group, and is the last word helpful proprietor of Y Worldwide Holdings Restricted which in flip holds 80% within the promoting shareholder, the supply doc says.
The Lulu group operates retail shops within the UAE, the KSA, Oman, Qatar, Kuwait and Bahrain. It was the second largest grocery retailer within the UAE and the most important retailer in Oman, Qatar, Bahrain and Kuwait and the quickest rising and largest pan-GCC retailer within the KSA, in every case based mostly on the retail gross sales worth for 2023.
As of August 2024, the group operated a community of 240 shops, comprising 116 Hypermarkets, 102 Specific shops and 22 mini markets, with 103 shops positioned within the UAE, 56 shops positioned within the KSA and 81 shops throughout the opposite markets.
