DUBAI : According to Bloomberg, which cited people familiar with the subject, supermarket operator Lulu Group International is contemplating an initial public offering in the UAE early next year.
According to the source, Lulu Group, the Middle East’s largest retail chain, has approached global banks to pitch for positions in the upcoming IPO.
According to the article, the diverse company, which is expected to be worth more than $5 billion in 2020, may seek several listings on Gulf stock exchanges.
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No final decisions on the place or the nature of the offering have been made, according to people who want to remain anonymous.
Lulu hasn’t decided whether it wants to list parts of the company or the whole entity in the offering.
“We don’t want to comment on market rumours,” V. Nandakumar, Lulu Group’s head of communications, told Bloomberg in response to the IPO report.
