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Averda eyes $700m IPO source as shareholder Growthgate exits

Reuters reports the waste management firm is liaising with banks as Growthgate exits after 10 years of investment

Averda is a waste management company.
Averda
Averda is a waste management company.

Waste management firm Averda International is reportedly liaising with banks about an initial public offering (IPO) source amid the potential exit of Averda’s minority shareholder, Gulf buyout organisation Growthgate Capital, after 10 years of investment.

According to Reuters, the potential IPO source will be valued at $700m (AED2.5bn), but Averda said no final decision had been made yet.

Growthgate Capital acquired a 33.3% stake in Averda in 2008, whose main business is to clean, collect, and recycle waste.

The Reuters report added that Growthgate’s stake is worth $200-$250m.

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