Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Dubizzle Group Holdings, the MENA region’s leading digital classifieds marketplace, on Monday announced its intention to proceed with an initial public offering (IPO) and list its ordinary shares for trading on the Dubai Financial Market (DFM).
The offering represents approximately 30.34% of the company’s total issued share capital, comprising both new shares to be issued by the company and existing shares to be sold by current shareholders. The subscription period will open on October 23 and close on October 29 for both retail and professional investors. The offer price range will be announced on October 23 when subscriptions begin. The final offer price and allocation to professional investors are expected on October 30, while allocations for retail investors, SMS confirmations and refunds will take place on November 4. Admission of the shares to trading on DFM will occur on or around November 6.
A total of 3% of offered shares are reserved for retail investors, with the remaining 97% allocated to professional investors. The final offer price will be determined through a book-building process. The IPO has been confirmed as Shariah-compliant by the Internal Shariah Supervision Committee of Emirates NBD Bank.
Prosus N.V., the company’s largest shareholder through its subsidiary OLX B.V., has committed to invest $100 million in the IPO as part of the offering, reflecting its continued long-term support of Dubizzle Group.
Imran Ali Khan, CEO of Dubizzle Group, said: “Dubizzle Group is the leading digital classifieds platform in the MENA region, with 18 million monthly active users across property, automotive, and general goods. Our platforms are deeply embedded in people’s daily lives in the UAE, Saudi Arabia, and beyond. This IPO marks an exciting new chapter for Dubizzle Group as we welcome a broader shareholder base and position the Group to accelerate growth, deepen our presence in key markets, and create long-term value for our users, clients, and shareholders.”
Fahd Beg, Head of Investment at Prosus, added: “Since our initial investment in 2011, we have seen Dubizzle Group grow into the leading regional classifieds platform. This IPO is both a major milestone and a testament to the vision and execution of its leadership team. We are proud to support the next chapter of growth for this homegrown tech champion.”
Dubizzle Group operates leading platforms dubizzle and Bayut, connecting millions of users every month across real estate, automotive, and general classifieds. The Group holds leading positions in the UAE’s digital classifieds markets, serving thousands of agencies, developers, and dealerships, and has expanded into high-growth markets such as Saudi Arabia and Egypt.
