Jobaaj Stories
Lulu Group International, the well-known hypermarket chain and mall operator headquartered in the United Arab Emirates has announced its intentions to launch an initial public offering (IPO) in the first half of 2024. This exciting development was shared by Lulu's Chairman and Managing Director, Yusuff Ali, during an event in New Delhi.
Lulu Group International has appointed Moelis and Co. as its advisor for this significant IPO endeavor, underlining its commitment to ensuring a successful listing. While the IPO's location is confirmed to be in the Gulf region, the specific stock exchange where Lulu Group's shares will be listed has yet to be determined.
In addition to this IPO announcement, Yusuff Ali highlighted the company's substantial investments in India. Lulu Group has already invested a substantial 200 billion Indian rupees ($2.41 billion), and their ambitious plans include increasing this figure to 500 billion Indian rupees ($6.03 billion) by the year 2025.
This move signifies Lulu Group International's continued expansion and strategic vision. As the company prepares for its IPO in 2024, all eyes will be on the Gulf region to witness this significant milestone in the company's journey.
Note: The currency exchange rate mentioned in this article is $1 = 82.8760 Indian rupees.
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