Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Dubizzle Group Holdings has postponed its planned initial public offering (IPO) on the Dubai Financial Market (DFM).
“The company has decided to postpone its planned IPO and assess the optimal timing for the offering in the future,” Dubizzle said in a late-evening statement on Wednesday.
The IPO subscription was scheduled to begin on Thursday (October 23), when the company was also expected to announce its price range.
Dubizzle was supposed to be the third IPO on the DFM after Dubai Residential REIT and ALEC Holding successfully raised funds to fuel their growth through their respective listings. Al Mal Capital, meanwhile, had raised funds through a follow-on public offer.
“Since announcing its Intention to float, Dubizzle Group has seen strong engagement and interest from investors, reflecting the company’s market leadership, profitability, and growth prospects across the UAE and Saudi Arabia,” the statement added.
Going forward, “Dubizzle Group remains focused on executing its strategy of growing its highly profitable UAE business and expanding its footprint in Saudi Arabia,” the company said.
