Its owners plan to sell 2.58 billion shares of the company, or a 25% stake, according to an announcement in Khaleej Times. The offer period will begin on October 28 and the final price will be announced on November 6. The firm expects to list on November 14.
The company will hold roadshows starting Monday, people familiar with the matter told Bloomberg News last week. Its owners are seeking a valuation of at least $5 billion, the people said at the time.
LuLu was valued at more than $5 billion in 2020 when an investment firm backed by a member of the Abu Dhabi royal family bought a fifth of the company. The company initially considered a dual listing in Riyadh, but now plans to sell shares only in Abu Dhabi.
Indian businessman Yusuff Ali founded LuLu in the early 1990s, during a years-long oil boom in the Gulf. The company has annual revenues of about $8 billion and employs more than 70,000 people in 26 countries in the Middle East, Asia, the United States and Europe, according to its website.
The firm has appointed Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc as joint global coordinators.
The possible sale of shares would occur after the listing in Dubai of the high-end supermarket chain Spinneys 1961 Holding Plc. The stock had a relatively quiet debut, and Spinney shares are largely unchanged from their offering price.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.