Another real estate-linked play hits Dubai’s IPO market: Dubai-based property and classifieds platform Dubizzle Group Holdings is taking a 30.3% stake to market in a hybrid offering on the DFM, comprising roughly 1.1 bn existing shares and 196.1 mn new shares, it said in its prospectus (pdf). The IPO could value Dubizzle at around USD 2 bn, Bloomberg reported earlier this week, citing people it says are familiar with the matter. IFR had earlier reported that the IPO could raise USD 500 mn in proceeds.

The move follows months of speculation around potential market debuts by Dubizzle and rival Property Finder, which were both said to be gauging investor appetite for an IPO. The company had previously brought on Citigroup and HSBC to explore a 2023 listing that never came through.

Prosus anchors the float: Dubizzle’s largest shareholder (via OLX) and Amsterdam-listed tech investor Prosus is pouring USD 100 mn into the IPO, signaling confidence in the platform which it first backed in 2011. The company currently holds a 38% stake in Dubizzle.

A two-tranche offering: Some 97% of the shares on offer will be limited to qualified institutional and professional investors both within the UAE and in other select markets, while the remaining 3% is reserved to local retail investors.

Use of proceeds: The group, whose two main ventures are its classifieds platform dubizzle and property portal Bayut, plans to use proceeds from the primary offer finance M&As and support future growth plans, as well as to settle its employee stock ownership program.

Books open next week: The subscription period will be open between 23 and 29 October, with the final pricing and allocation due Thursday, 30 October. Dubbizle is expected to ring the DFM’s opening bell on or around Thursday, 6 November.

Dubizzle said it does not plan to pay dividends in the near term, with cashflows expected to be reinvested into product innovation, market expansion, particularly in Saudi Arabia, and strategic acquisitions. The company aims to adopt an “attractive dividend policy” in the medium term, once growth investments stabilize and cashflow generation strengthens.

Boasting healthy financials: Dubizzle’s adjusted net income climbed 50% to USD 14.03 mn in 1H 2025, reflecting improved operating leverage and higher monetization across its real estate and automotive verticals. Its revenue was up 26.6% y-o-y to USD 133 mn over the same period.

ADVISORS- Rothschild & Co is quarterbacking the transaction as independent financial advisors while Emirates NBD serves as listing advisor, according to the ITF document (pdf). Meanwhile, our friends at EFG Hermes UAE and HSBC are joint leads alongside Abu Dhabi Commercial Bank, Barclays Bank, Emirates NBD Capital, Goldman Sachs and Morgan Stanley.

IN CONTEXT- The Dubizzle listing adds to a string of property-linked IPOs on the DFM this year, as companies look to ride the city’s real estate boom. All three Dubai listings YTD are tied to the sector, including Dubai Holding’s residential REIT earlier this year, state-backed Alec Holdings, and now Dubizzle.

ALSO IN THE IPO PIPELINE:

  • Alec Holding is due to start trading on the DFM tomorrow, after raising AED 1.4 bn in what was Dubai’s first corporate IPO of the year;
  • Amanat Holding secured regulatory approval to list 30% of its education unit in Saudi Arabia’s Tadawul; with potential plans to also float its healthcare arm ;
  • Binghatti was the latest to join the UAE real estate IPO frenzy earlier this month as it tapped banks for a potential IPO, joining Arabian Construction;
  • Emirates Global Aluminium could be reviving plans for a potential IPO that could rank among the region’s largest;
  • ADQ-backed Etihad Airways highly-anticipated IPO was expected to kick off after Eid Al Fitr but could be delayed to 2026 ;
  • Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
  • Dubai Holding plans to float two of its property portfolio units;
  • Abu Dhabi Investment Group is eyeing listings for its financial unit and energy subsidiary this year;
  • Hospitality group Five Holdings also tapped advisors for a potential listing;
  • Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.
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