Kerala-born billionaire Yusuffali's Lulu Group planning IPO in UAE: Report

Kerala-born billionaire Yusuffali M A's LuLu Group, which operates hypermarkets and retail companies in the Middle East, is considering an IPO in 2023 in the UAE, Bloomberg reported. Valued at more than $5 billion in 2020, Lulu asked global banks to pitch for roles for potential listings. The group also operates shopping malls and businesses including hospitality and real estate.