#Dubai's Averda Intl in talks with banks about potential IPO-sources - Reuters

Dubai's Averda Intl in talks with banks about potential IPO-sources - Reuters:

Dubai-based Averda International, one of the largest waste management firms in the Middle East and North Africa, is in early discussions with banks about a potential IPO which could value it at up to $700 million, sources familiar with the matter said.

Averda’s minority shareholder, Gulf buyout firm Growthgate Capital, is also in talks with banks about a potential exit after just over a decade of investment, said two of the sources, declining to be named because of commercial sensitivities. Growthgate Capital in 2008 acquired a 33.3% stake in Averda, whose main business is to clean, collect and recycle waste. Discussions with advisors about a public share sale are at an early stage and no final decisions have been made, they said. The company may be valued at about $600-$700 million, with Growthgate’s stake at $200-$250 million, two of the sources said.

Averda and Growthgate did not respond to Reuters’ requests for comment.