Careem enters talks with banks for potential IPO

IPO WATCH- Careem is in early talks with investment banks about a potential IPO, said people familiar with the matter. While an IPO is a“natural milestone” for Careem, the company is currently focused on expanding its operations to more markets, CEO Mudassir Sheikha tells Bloomberg. An IPO of Uber’s biggest rival in the Middle East is likely to take place by early 2019. Banks haven’t been appointed and the company may decide not to pursue the listing, the people said. It is also likely that the firm could be valued at about USD 1.5 bn.