Top Mideast Grocery Chain LuLu Said to Tap Banks for IPO.

LuLu Group International, a major Middle Eastern hypermarket chain, is reportedly preparing for a significant initial public offering (IPO) in the Gulf region. The company has selected Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, and HSBC Holdings to assist with the IPO, which could potentially raise up to $2 billion. While no final decisions have been made regarding timing or valuation, the listing is expected to take place in the second half of this year. LuLu Group International, founded by Indian entrepreneur Yusuff Ali, operates in 26 countries and has an annual revenue of approximately $8 billion. [Extracted from the article]

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