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Dubai’s Careem in early IPO talks

Dubai’s Careem in early IPO talks

The firm was valued at more than $1bn last year

Dubai-based ride-hailing app Careem is reportedly in early talks with banks about a potential initial public offering.

Bloomberg cited sources as confirming the start of preliminary discussions by Careem as it prepares to hire financial advisers.

The listing could value the firm at $1.5bn and is likely to take place by early 2019 if the talks proceed. Banks have yet to be appointed.

Careem CEO Mudassir Sheikh said the company was focussed on expanding its operations to more international markets but described an IPO as a “natural milestone” for a fast-growing business, according to the publication.

The firm was previously valued at more than $1bn in a $500m funding round last year that saw participation from German automotive firm Daimler, detained Saudi billionaire Prince Alwaleed’s Kingdom Holdings, DCM Ventures and New York-based Coatue Management LLC.

Read: Saudi billionaire Prince Alwaleed, Daimler take part in $500m Careem funding round

Careem launched in Gaza and Nablus, Palestine, this month and has operations in more than 90 other cities in 13 countries.

Read: Careem launches in Gaza and Nablus

The company is preparing to launch a cheaper ride service in its home market after trial runs in 2017.

Read: Dubai’s Careem to roll out cheaper ride service next year

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