Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO - Bloomberg

Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO - Bloomberg

LuLu Group International, which operates one of the Middle East’s largest hypermarket chains, has appointed banks for what could be one of the biggest initial public offerings in the Gulf this year, according to people familiar with the matter.

The firm has picked Abu Dhabi Commercial Bank PJSC, Citigroup Inc., Emirates NBD Capital and HSBC Holdings Plc to work on the planned offering in Abu Dhabi, the people said, asking not to be identified as the information isn’t public. Moelis & Co. is acting as an independent financial adviser.

The firm could seek to raise as much as $2 billion, the people said. No final decisions have been made on timing or valuation, they said.

The listing is expected to happen in the second half of this year, Bloomberg News reported in February. The firm is also weighing a dual listing in Riyadh, people familiar with the matter said at the time.

Representatives for Lulu, Citi and ENBD declined to comment. ADCB and HSBC weren’t immediately available for comment.