The rush for an initial public offering (IPO) by companies in the UAE is gaining momentum, with hypermarket-to-hospitality chain Lulu Group International confirming its plans to get listed on the Abu Dhabi Securities Exchange (ADX) in 2023.
A senior executive of the group told WAM that the conglomerate was making steady progress with its IPO plans to list shares on ADX next year.
The company has 239 stores in 23 countries and employs more than 60,000 people. Any stock market float is likely to command a valuation of at least $5 billion.
LuLu Group’s statement comes following the recent hugely successful IPO issue of UAE-based healthcare player Burjeel Group.
The LuLu Group executive said since the start of the year, financial markets have been witnessing increased IPOs and new listings, and that the group’s listing on the UAE financial markets is a major opportunity to contribute to the sustainable growth of the Emirates economy.
Some of the recently listed UAE companies include Abu Dhabi Ports, Dubai Electricity and Water Authority (DEWA), Borouge, TECOM Group and SALIK.
ADC, Fertiglobe, ADNOC Drilling, Alpha Dhabi Holding and Multiply were the other companies listed on the UAE bourses in recent months.
Besides, a number of companies are said to be considering their plans to go for IPOs.
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