LuLu Group International has appointed banks for an IPO, which could see the hypermarket chain raise $2 billion, Bloomberg reported.

Emirates NBD Capital, Abu Dhabi Commercial Bank (ADCB), Citigroup Inc and HSBC Holdings plc are understood to be working on the planned offering with Moelis & Co acting as an independent financial advisor.

The listing is expected to be on Abu Dhabi Securities Exchange (ADX) and take place in the second half of the year.

LuLu’s international headquarters is based in the emirate. It operates more than 260 stores in the GCC.

Bloomberg cited anonymous sources who said the company was understood to also be considering a dual listing to include Saudi Arabian stock exchange Tadawul.

(Writing by Imogen Lillywhite; editing by Seban Scaria)