LuLu Group International, a prominent hypermarket and mall operator in the Middle East, is in the process of raising substantial capital ahead of a potential IPO. The group has reportedly secured funds from reputable financial institutions, including Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank, and Mashreq Bank.
According to a spokesperson from LuLu Group, the raised funds will serve multiple purposes, such as reducing existing debt, facilitating the expansion of the company’s presence with the establishment of 80 new supermarkets across regions including the GCC, Egypt, and beyond. Furthermore, the capital will be directed towards reinforcing supply chain networks and enhancing e-commerce capabilities.
Future Growth Prospects
The spokesperson emphasized that LuLu is strategically positioned to capitalize on emerging opportunities and elevate its global presence through the forthcoming IPO. The group envisions leveraging this financial maneuver to extend its influence and success to new heights.
Previous Valuation and Background
In 2020, during a phase of robust oil prices, an investment firm backed by a member of the Abu Dhabi royal family acquired a 20 percent stake worth slightly over 1 billion dollars, valuing LuLu Group at more than 5 billion dollars. The company was founded by MA Yusuff Ali, originally from Kerala, in 1995, during the Gulf region’s oil boom.
LuLu Group International operates a diverse range of commercial activities, including shopping centers, hospitality ventures, shipping, and real estate endeavors.
The group boasts an extensive international footprint, generating annual revenues of around 8 billion dollars. With a workforce exceeding 65,000 individuals, LuLu Group operates in 23 countries, spanning the Middle East, Asia, the United States, and Europe.
In India, LuLu Group has established its retail presence in cities such as Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore.
For more updates stay tuned to FELA News!