The UAE-based Lulu Group International, which operates one of the Middle East’s largest hypermarket chains, is raising 10 billion dirhams ($2.72 billion) to refinance debt ahead of a potential IPO, Bloomberg reported citing people familiar with the matter.

The company is borrowing the funds, with average maturity of 10 years, from Abu Dhabi Commercial Bank PJSC, Dubai Islamic Bank PJSC, Emirates NBD Bank PJSC and Mashreq Bank PSC, the report said.

Abu Dhabi-based Lulu is realigning its capital structure before a possible listing in 2024 after delaying those plans this year, the people said. It is working with Moelis & Co. on the plans, the report said.

The report also cited a Lulu Group representative as saying the group is “poised to capitalize on emerging opportunities and elevate its global presence to new heights with our IPO plans.”

(Writing by Brinda Darasha; editing by Seban Scaria)