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Thu 22 Aug 2019 01:34 PM

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Dubai's Averda in talks about IPO on London Stock Exchange

UAE-based waste management firm's minority shareholder Growthgate Capital looking to exit

Dubai's Averda in talks about IPO on London Stock Exchange

Dubai-based Averda International is conducting preliminary talks with banks about a potential initial public offering (IPO) on the London Stock Exchange (LSE), which could value it at up to $700 million.

Averda’s minority shareholder, Growthgate Capital, is also in talks with banks about a potential exit after just over a decade of investment, said two sources, declining to be named because of commercial sensitivities.

The Gulf buyout firm acquired a 33.3 percent stake in Averda in 2008.

According to a report from Reuters, discussions with advisors about a public share sale are at an early stage and no final decisions have been made.

Averda's potential move would follow Dubai payments firms Finablr and Network International's listing on LSE earlier this year.

Averda is one of the largest waste management firms in the Middle East and North Africa (MENA).

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