The pizza and ready meal supplier appointed Rothschild to examine its options in January, and has now brought in advisers from HSBC and Morgan Stanley to lead the IPO later this year.
Other firms working on the share sale include Barclays, Citigroup, stockbroker Peel Hunt and Rabobank.
Icelandic Lydur and Agust Gudmundsson established Bakkavor 31 years ago, and have grown the business into the UK's largest hummus supplier.
Last year, Bakkavor made £63.1m in pre-tax profits and £1.76bn in revenue. The business employs more than 18,000 workers, with around 16,500 based in the UK.
Bakkavor was the root of the “hummus crisis” earlier this year when its chickpea paste had to be recalled due to a “metallic” taste.
Bakkavor declined to comment.