Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO
A Lulu hypermarket in Dubai.
Photographer: Christopher Pike/BloombergThis article is for subscribers only.
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.