NEW DELHI (Reuters) -Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday, adding that the company’s shares will be listed in gulf.
The UAE-headquartered company has appointed Moelis and Co as its advisor for the IPO, Lulu’s Chairman and Managing Director Yusuff Ali told reporters on the sidelines at an event in New Delhi.
Ali added that the IPO would be launched in the Gulf, although a specific stock exchange had not yet been decided.
Regarding investments in India, Ali said the company has invested 200 billion Indian rupees ($2.41 billion)so far and intends to raise this number to 500 billion Indian rupees ($6.03 billion) by 2025.
($1 = 82.8760 Indian rupees)
(Reporting by Nidhi Verma, writing by Sakshi Dayal,Editing by Louise Heavens)
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