Page 75 - SALIK PR REPORT OCTOBER 2023

A blockbuster would be the one from hypermarket operator Lulu Group,

though the Abu Dhabi headquartered retailer recently said the stock float

more likely will happen early-to-mid 2024 than in the coming weeks.

“The Lulu IPO will be massive whenever it’s launched,” said an analyst. “But if

it happened this quarter itself, 2023 would have been a defining year for UAE

stocks. Now, if the float is set for 2024, it could be the perfect start to the year
for the UAE stock markets.”

Lulu needn’t be the only retailer heading for a listing – the legacy brand

Spinneys Dubai is rated as another possible candidate.

'When?' - that's the one question linked to the Lulu Group these days.
The initial plan was for a 2023 IPO.Image Credit: Bloomberg

https://gulfnews.com/business/markets/uae-stocks-clock-starts-ticking-for-next-big-ipo-before-lulu-
groups-2024-float-1.1696392425844#lniyctz34mbvduabyrq