<p>Cairo/Dubai: <a href="https://www.deccanherald.com/tags/uae">United Arab Emirates'</a> Lulu Retail Holdings, which runs one of the Middle East's biggest hypermarket chains, said on Monday that it plans to sell a 25 per cent stake in its initial public offering.</p>.<p>Lulu plans to offer more than 2.582 billion shares in the IPO, which will run from October 28 to November 5, according to its intention to float document.</p>.<p>Founded in 1974 by Indian businessman Yusuff Ali, the retail conglomerate operates more than 240 stores across six GCC (Gulf Cooperation Council) countries.</p>.Gang weaves elaborate con through dubious investment app & fake IPO in Bengaluru.<p><em>Reuters</em> reported in 2022 that Lulu was looking at an IPO and had hired investment bank Moelis Co as an advisor.</p>.<p>The stock is expected to start trading on the Abu Dhabi Securities Exchange on November 14, according to the IPO document.</p>.<p>Lulu said it aims to maintain a total dividend payout ratio of 75 per cent of annual distributable profits after tax, and to make the payout twice a year, subject to relevant parameters.</p>.<p>Lulu joins other grocer firms in the Middle East that have sought IPOS, such as the offering earlier this year of UAE-based Spinneys and Saudi grocery retailer BinDawood Holding in 2020.</p>.<p>Saudi Arabia's Savola Group said in February this year that it plans to list its grocer subsidiary Panda Retail, while the kingdom's wealth fund last year acquired a 30 per cent stake in Tamimi Markets ahead of the supermarket chain's planned IPO. </p>
<p>Cairo/Dubai: <a href="https://www.deccanherald.com/tags/uae">United Arab Emirates'</a> Lulu Retail Holdings, which runs one of the Middle East's biggest hypermarket chains, said on Monday that it plans to sell a 25 per cent stake in its initial public offering.</p>.<p>Lulu plans to offer more than 2.582 billion shares in the IPO, which will run from October 28 to November 5, according to its intention to float document.</p>.<p>Founded in 1974 by Indian businessman Yusuff Ali, the retail conglomerate operates more than 240 stores across six GCC (Gulf Cooperation Council) countries.</p>.Gang weaves elaborate con through dubious investment app & fake IPO in Bengaluru.<p><em>Reuters</em> reported in 2022 that Lulu was looking at an IPO and had hired investment bank Moelis Co as an advisor.</p>.<p>The stock is expected to start trading on the Abu Dhabi Securities Exchange on November 14, according to the IPO document.</p>.<p>Lulu said it aims to maintain a total dividend payout ratio of 75 per cent of annual distributable profits after tax, and to make the payout twice a year, subject to relevant parameters.</p>.<p>Lulu joins other grocer firms in the Middle East that have sought IPOS, such as the offering earlier this year of UAE-based Spinneys and Saudi grocery retailer BinDawood Holding in 2020.</p>.<p>Saudi Arabia's Savola Group said in February this year that it plans to list its grocer subsidiary Panda Retail, while the kingdom's wealth fund last year acquired a 30 per cent stake in Tamimi Markets ahead of the supermarket chain's planned IPO. </p>