Abu Dhabi’s LuLu Group International is planning to launch an initial public offering in the first half of next year and list its shares on the Abu Dhabi Securities Exchange, the region's second-largest bourse.
The hypermarket and chain operator has hired investment bank Moelis to advise it on the deal, a company representative told The National.
LuLu, one of the largest supermarket chains in the Gulf, founded by Indian-born businessman Yusuff Ali, operates 254 hypermarkets and shopping malls in 10 countries including India, Egypt, Malaysia and Indonesia.
The company aims to start 80 more hypermarkets in GCC and other countries in the next two years, the representative said on Monday.
The retail conglomerate has been planning an IPO for some time and had initially targeted the listing to take place this year.
LuLu's IPO plans come amid a surge in listing activity on regional stock markets including the ADX, the Dubai Financial Market and Saudi Arabia's Tadawul, as their economies recover from the coronavirus-induced slowdown on the back of higher oil prices and government reforms.
The volume of IPOs on bourses in the Mena region climbed by 44 per cent annually in the second quarter of this year amid robust economic growth, according to global consultancy EY.
Growth in the number of deals was driven by Saudi Arabia and the UAE, the top regional economies, EY said in a report last month.
The number of listings rose to 13 during the three-month period to the end of June, bucking the global slowdown in equity capital markets activity, it said.
However, proceeds from Mena listings dropped by 80 per cent to $1.8 billion, according to EY data.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
MATCH INFO
Uefa Champions League quarter-final (first-leg score):
Juventus (1) v Ajax (1), Tuesday, 11pm UAE
Match will be shown on BeIN Sports
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The biog
Age: 46
Number of Children: Four
Hobby: Reading history books
Loves: Sports
UAE currency: the story behind the money in your pockets
