Dubai – Mubasher: Careem, ride-hailing app, intends to offer its shares for an initial public offering (IPO), CEO, Mudassir Sheikha, said hinting to potential listing on Dubai Financial Market (DFM).
In an interview with Bloomberg, Sheikha added that the company is open to all the options concerning the market it will list on, which would be probable in 2018-2019.
The company will not need additional finance before the IPO but it is currently focusing on reaching profitability, the CEO noted.
Moreover, Sheikha pinpointed that Careem plans to expand in 2017 in four new countries, including Algeria and Tunisia, according to Bloomberg.
Careem was established in 2012 and is currently operating in 47 different cities in the Middle East, North Africa, Turkey and Pakistan.
