LuLu Group International, the Abu Dhabi-based hypermarket chain, has invited banks to pitch for roles on a potential initial public offering (IPO), according to Bloomberg.

The IPO could raise at least $1 billion, people familiar with the matter, told Bloomberg.

LuLu declined to comment on the news at this time with Zawya.

In October, the company had confirmed a future listing on the Abu Dhabi Securities Exchange (ADX), along with hiring investment bank Moelis & Company to advise on its planned IPO in 2024.

Previous reports have suggested, LuLu has been considering a dual listing, in Abu Dhabi and Riyadh, but this has yet to be confirmed by the group.

Founded by Indian national Yusuff Ali, the LuLu Group operates close to 260 stores in 26 countries across the Middle East, Asia, US, and Europe.

According to its website, the company has reported an annual turnover of $8 billion and staff force of over 70,000 people.

(Writing by Bindu Rai, editing by Seban Scaria)