UAE – Mubasher: Dubai-based Averda International, a leading waste management firm based in Dubai, is in preliminary talks with banks over a $700 million potential initial public offering (IPO), Reuters reported, citing two sources familiar with the matter.

Moreover, Growthgate Capital, a minority shareholder in Averda is also in talks with banks over a potential exit after investing in the company for more than 10 years, the sources said.

It is worth noting that Growthgate Capital had acquired a 33.3% stake in Averda in 2008.

The sources added that Averda’s discussions with advisors over a public share sale are at an early stage and no final decisions have been made yet.

The company could consider a listing on the London Stock Exchange, one of the two sources indicated.

This potential move would follow the step of Dubai payments firms Finablr and Network International that have been listed on the London Stock Exchange earlier this year.