RIYADH — According to a Bloomberg report, the supermarket chain LuLu Group International is planning an initial public offering (IPO) early next year in the UAE.

But following the report on the expected IPO, V. Nandakumar, Lulu Group’s director of communications, told Bloomberg: “We don’t want to comment on market rumors.”

Lulu Group — the biggest retail chain in the Middle East — has asked global banks to pitch for roles for the potential listing.

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

People who wished to remain anonymous revealed that no final decisions have been made on the venue or details of the offering.

It is still unclear whether LuLu wants to list parts of the business or the entire firm in the offering.