Sure, here is a more detailed paraphrasing of the text:UAE retail giant **LuLu Group** is planning to open its **IPO** by the last week of October or early November.

The dual listing is expected to raise between **$1.

5 billion and $1.

85 billion**, according to sources familiar with the matter who requested anonymity.

The stock will be listed on the **Abu Dhabi Securities Exchange (ADX)** and the **Saudi Arabian stock exchange, Tadawul**.

'The IPO offering should open in the window between the last week of October and early November, making it an ideal period before the December holidays set in,' a source said.

**Emirates NBD Capital, HSBC Holdings, Abu Dhabi Commercial Bank, and Citigroup** have been selected as bookrunners for the IPO.

The offering is expected to be 'four to five times bigger than another retail IPO the UAE saw earlier this year,' the source added.

In April, **Spinneys**, the operator of premium grocery retail supermarkets in the UAE and Oman, raised **1.

38 billion UAE dirhams ($375 million)** through its IPO on the **Dubai Financial Market (DFM)**, resulting in more than **$19 billion in orders**, indicating strong demand from the UAE and global institutional investor community.

Abu Dhabi-headquartered LuLu Group, which operates **260 LuLu stores and 24 shopping malls** across the GCC, Egypt, India, and the Far East, was founded by **Yussuf Ali** in the 1990s.

In 2020, **ADQ** bought a **20% stake worth just over $1 billion** in the group, paving the way for investment supporting the group's expansion of operations in Egypt.

In August 2023, it was reported that LuLu was raising **AED 10 billion dirhams** to refinance debt ahead of a potential IPO.

The company stated that this would help in expanding its footprint with **80 new hypermarkets** across the GCC, Egypt, and beyond, while enhancing supply chain networks and e-commerce capabilities.

**Disclaimer**: This article is provided for informational purposes only.

The content does not provide tax, legal, or investment advice or opinion regarding the suitability, value, or profitability of any particular security, portfolio, or investment strategy.