Zara’s Middle East Operator Is Said to Seek Bank Pitches for IPO

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.

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 ...