“LuLu” stores intends to go public in 2023, and it has appointed investment bank “Mollis & Co” to advise

Abu Dhabi-based supermarket chain Lulu Group is planning an initial public offering and has appointed investment bank Mollis & Co. to provide advisory services, two sources familiar with the matter said.

Lulu, one of the largest supermarket chains in the Gulf region founded by Indian-born entrepreneur Yusuf Ali, operates 239 stores in 23 countries and employs more than 60,000 people, according to the group’s website.

The sources said that the chain of stores plans to list in the coming year, as companies operating in the field of groceries emerged from the pandemic without damage.