(Bloomberg) -- The operator of Zara clothing and Virgin Megastore chains in the Middle East is exploring a possible initial public offering, according to people familiar with the matter.
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The Azadea Group has invited banks to pitch for roles on the potential offering, the people said, asking not to be identified discussing confidential information.
The deliberations are at a preliminary stage and no final decisions have been taken, the people said.
Dubai Holding — the investment conglomerate owned by the emirate’s ruler — acquired a minority stake in Azadea in 2018, in a deal that valued the Beirut-based company at more than $1 billion, Bloomberg News reported at the time.
Representatives for Azadea and Dubai Holding did not respond to requests for comment.
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Founded in 1978 by Lebanon’s Daher family, Azadea now operates over 700 stores in more than a dozen countries, according to its website.
Dubai Holding is one of the city’s principal investment vehicles with assets of 265 billion dirhams ($72 billion), ranging from luxury hotel chain Jumeirah to theme parks. It’s weighing plans to list the commercial and residential units of its property portfolio separately in an effort to harness the city’s real estate boom, Bloomberg News reported in November.
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