“Lulu” is considering an initial public offering worth one billion dollars.

Lulu International Group, which operates one of the largest retail chains in the Middle East, has invited banks to apply for supervision over a potential initial public offering that could raise at least one billion dollars, according to informed sources cited by “Bloomberg”.

According to sources, the subscription may take place in the second half, and it is likely to include the core activities of “LuLu” in the Gulf Cooperation Council, although the scope of the operations to be listed has not been determined yet.

In addition, the group is studying plans for dual listing in Riyadh and Abu Dhabi.

“Bloomberg” reported in August that the “Lulu” group, based in Abu Dhabi, raised 10 million AED (2.5 billion dollars) to refinance debt before a potential public offering.

Dual listing is relatively rare in the region, and the first company to close such a deal was Americana Group, which operates Kentucky Fried Chicken and Pizza Hut restaurants across the Middle East and North Africa. It was listed in Saudi Arabia and the United Arab Emirates in 2022.

The value of the group was estimated at over $5 billion in 2020 when the Royal Group acquired a 20% stake for just over $1 billion in total.

According to its website, the company generates annual revenues of approximately 8 billion dollars and employs over 70,000 people. It operates in 26 countries across the Middle East, Asia, the United States, and Europe.