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Dubizzle Group is preparing to sell a 30.34% stake in an IPO on the Dubai Financial Market, offering 1.25 billion shares to retail and institutional investors. The IPO will combine newly issued shares and existing ones, with Prosus investing USD 100 million. The company, which rebranded from EMPG in 2023, operates online marketplaces across multiple regions, primarily in property and automobiles. The UAE IPO market has been buoyed by high-profile listings, while Dubai's property sector benefits from foreign investment and residency reforms. Dubizzle's funding history includes major investments and strategic mergers that strengthened its market position.
Dubai-based classifieds firm Dubizzle Group has announced plans to offer a 30.34% stake in an initial public offering (IPO) on the Dubai Financial Market. The offering will comprise 1.25 billion ordinary shares, with both retail and institutional subscriptions opening later this month and closing a few days after. The final offer price will be disclosed shortly before shares are allocated, and trading is expected to begin in early November. Advertisement
The IPO will feature a mix of newly issued shares and existing shares from current shareholders. Dutch investment group Prosus, Dubizzle's largest shareholder, has pledged to invest USD 100 million in the offering. Morgan Stanley, ENBD, Goldman Sachs, and HSBC are acting as joint global coordinators, while ADCB, Barclays, and EFG Hermes serve as joint bookrunners.
Dubizzle Group, formerly known as Emerging Markets Property Group (EMPG), rebranded in 2023 to focus on its flagship UAE platform, Dubizzle, which launched in 2005 as an online marketplace for property, automobiles, electronics, and more. The company operates across the Middle East, Africa, South Asia, and Europe, employing over 26,000 staff in more than ten countries.
The UAE IPO market has grown significantly in recent years, supported by high-profile listings from both state-backed and private companies, including real estate firms like Dubai Residential REIT. Dubai's post-pandemic property boom has been driven by foreign investment and government-backed residency reforms, with the city's population recently surpassing four million.
In its funding history, Dubizzle raised USD 200 million in 2022 through an investment round led by Jared Kushner's Affinity Partners. Earlier, in 2020, EMPG merged its Middle East, North Africa, and South Asia businesses with Prosus-owned OLX Group in a USD 150 million funding deal, which valued the company at over USD 1 billion at the time.
Source Reuters
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