Competing proptech platforms Dubizzle and Property Finder are said to be gauging investor interest for their potential IPOs, Bloomberg reports, citing unnamed sources. Dubizzle could raise at least USD 500 mn from the transaction, the sources said. Dubizzle reportedly enlisted Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley to work on the potential offering.

Is Property Finder eyeing an IPO? While some sources said that Property Finder is talking to investors about a non-deal roadshow, others mentioned that these meetings are paving the way for an eventual IPO. Property Finder is talking to equity investors to explore the possibility of broadening its cap table, the news information service said, citing Michael Lahyani, the firm’s CEO. No further information was disclosed.

The news comes against the backdrop of jittery markets, with only one IPO taking place so far this year in the UAE, courtesy of Alpha Data. ADQ-backed Etihad Airways had pushed its highly anticipated IPO to after Eid Al Fitr, but we haven’t heard anything yet.

Other UAE IPOs in the pipeline:

  • Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
  • Alec Construction and Arabian Construction are both eyeing IPOs;
  • Dubai Holding plans to float two of its property portfolio units;
  • Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
  • Hospitality group Five Holdings also tapped advisors for a potential listing;
  • Amanat Holdings is planning to list its education and healthcare units;
  • Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.
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