Careem said to hold IPO talks with banks

Dubai-based ride hailing platform Careem Networks is discussing with banks a potential initial public offering (IPO) and is preparing to hire financial advisers, Bloomberg reported.

The firm could be valued around $1.5 billion, with a share sale likely by early 2019, an unidentified source told Bloomberg. Banks have not yet been appointed and Careem may decide not to pursue the listing, the people said.

“We want to build a lasted tech institution from the region, and an IPO is a natural milestone for a rapidly growing business like Careem,” chief executive officer Mudassir Sheikha told Argaam in an emailed statement.

“However, at this stage, we are fully focused on growing the platform to cover more cities, segments, and use-cases across the region,” he added.

Founded in 2012, Careem’s investors include Saudi Arabia-based STC Ventures, Al Tayyar Travel Group and Kingdom Holding.