Lulu Group International, which runs one the Middle East's largest hypermarkets chain, is planning an IPO in 2023, Bloomberg has reported citing people familiar with the matter.

Abu Dhabi-based Lulu Group, founded by Indian-born businessman Yusuff Ali, has asked global banks to pitch for roles for potential listings, the report said.

The diversified conglomerate - valued at more than $5 billion in 2020 -- may opt for multiple listings in the Gulf stock exchanges, the report said.

“We don’t want to comment on market rumours,” Bloomberg quoted V Nandakumar, Lulu Group’s Director of Communications, as saying.

Besides the Middle East, the company also operates shopping malls in India, Malaysia, Indonesia and Egypt. It has other businesses including hospitality, shipping and real estate.

Last Saturday, the company announced an investment of more than $463 million in India's southern state of Tamil Nadu to build two shopping malls and set up an export-oriented food-processing unit.

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