Careem, the UAE-based ride-hailing company is in discussion with banks about a potential initial public offering, according to people familiar with the matter.
The company, started its preliminary discussions while it prepares to hire financial advisers, the people said, who asked not to identify their identity as the information is private.
One of the people said that the firm could be valued about $1.5 million, with a share sale likely by early 2019. According to them, the banks haven’t been appointed yet and the company may or may not decided to pursue the listing.
In 2016 Careem was valued at more than $1 billion when it raised $350 million from investors including Japanese e-commerce giant Rakuten and Germany’s Daimler AG.
While an IPO is a “natural milestone” for a fast-growing business like Careem, the company is currently focused on expanding its operations to more markets, Chief Executive Officer Mudassir Sheikha said in an emailed response to questions.
For more information, read here.