UAE retail giant Lulu Group International is set to sell 25% of its retail arm and associated sourcing businesses, raising between $1.7 billion to $1.8 billion. This implies a valuation for the group of $6.5 billion to $7 billion. An official announcement regarding its initial public offering (IPO) on the Abu Dhabi Securities Market (ADX) is expected by early next week, with shares projected to begin trading by mid-November. The pricing of the IPO will be confirmed by the end of October, and a portion of the shares will be allocated to employees. While discussions about a potential dual listing on the Saudi Exchange (Tadawul) continue, the listing on that market has been postponed for now.

Several banks have been tapped to handle the IPO, including Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank, and Citigroup, with Moelis & Co. acting as financial advisors. Founded by Yusuff Ali in the 1990s, Lulu Group operates 260 stores and 24 shopping malls across the GCC, Egypt, India, and the Far East. The company is also involved in mall development, manufacturing, hospitality, and real estate. ADQ previously acquired a 20% stake in Lulu in 2020 for just over $1 billion, supporting its expansion, particularly in Egypt. The IPO would follow several successful Abu Dhabi listings this year and could mark the next major retail IPO after Spinneys, which raised $375 million on the Dubai Financial Market in April.