Lulu to raise $2.7 billion ahead of possible IPO in 2024

Lulu Group International, which operates one of the Middle East’s largest hypermarket chains, is raising Dh10 billion ($2.72 billion) to refinance debt ahead of a potential initial public offering, a Lulu spokesperson mentioned.

The conglomerate is borrowing funds from Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank, and Mashreq Bank. The loans have an average maturity of 10 years, we were informed. Giving us insights into the development the spokesperson of Lulu Group mentioned, “We are pleased to secure this substantial syndicated loan, which underscores the confidence our financial partners have in our vision and strategy. This injection of funds will empower us to pay off existing debts, further extend our footprint with 80 new hypermarkets across the GCC, Egypt, and beyond, and enhance supply chain networks and ecommerce capabilities which will contribute positively to the economies in which we operate.”

Lulu Group’s commitment to delivering exceptional value to its customers remains unwavering. With a reputation built on quality, innovation, and customer-centricity, the company is poised to capitalize on emerging opportunities and elevate its global presence to new heights with our IPO plans.”

The company’s performance so far this year is very encouraging and they expect a growth of around 15% this year.