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Monday, 22 January 2018

Careem not seeking IPO, not yet profitable -Sheikha

IPO WATCH- It was never going to be on the EGX, and in any case: Careem is not actively considering an IPO, CEO Mudassir Sheikha says, according to The National. “It’s nowhere on the horizon, we are not actively thinking of it, we are not actively planning for it … But we are at a scale already where bankers think we should consider it … We take these meetings, but we are not actively pursuing it, we just take the meetings because they want to meet us and we listen to them,” he says. Careem is still in the “investment phase,” Sheikha says, adding that the company is not yet profitable. “We do not make money yet but the business is growing quite handsomely. We are on the business plan that will make money in a couple of years,” he told The National.

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