Business
Lulu Group, owned by M.A. Yusuff Ali and headquartered in Abu Dhabi, is set to sell to sell a 25% stake in its Abu Dhabi initial public offering (IPO).
The initial public offering (IPO) will take place from October 28 to November 5, during which 2,582,226,338 shares will be made available.
The company is expected to be listed on the Abu Dhabi stock market, with trading anticipated to commence on November 14.
The exact share price will be announced shortly before the sale begins.
Of the shares offered, 89% will be allocated to qualified institutional investors, while the remaining 1% will go to Lulu employees.
The group operates a total of 164 Lulu Hypermarkets in the Gulf and India.