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Abu Dhabi’s Lulu Invites Pitches for 2023 UAE Listing

Lulu Hypermarket in Dubai Silicon Central Mall.
Lulu Hypermarket in Dubai Silicon Central Mall.Photographer: Shakkir Pariyarath/Lulu Group

Lulu Group International, which runs one of the Middle East’s largest supermarket chains, is considering an initial public offering early next year in the United Arab Emirates, people familiar with the matter said. 

The diversified conglomerate -- valued at more than $5 billion in 2020 -- has asked global banks to pitch for roles for potential listings, the people said, asking not to be identified discussing confidential information. The firm may opt for multiple listings in the Gulf stock exchanges, one of the people said.