Dubai-based Dubizzle Group Holdings has introduced its intention to proceed with an preliminary public providing (IPO) on the Dubai Monetary Market (DFM), with Prosus committing a $100m funding as a part of the providing.
The itemizing will see round 30.34 per cent of the corporate’s whole issued share capital provided to traders by way of a mix of recent and current shares.
The transfer positions Dubizzle Group for accelerated progress, deeper regional growth, and enhanced liquidity below Dubai’s fast-developing capital-markets ecosystem.
Dubizzle IPO
The subscription interval will open on October 23 and shut on October 29 for each UAE Retail Buyers and Skilled Buyers.
Pricing and allocation to skilled traders are anticipated on October30, with admission to buying and selling on or round November 6.
Underwriters will decide the ultimate supply value by way of a book-building course of.
By means of its flagship platforms dubizzle and Bayut, Dubizzle Group connects particular person and enterprise sellers with patrons throughout property, automotive, and basic items.
The corporate holds a dominant market place in UAE real-estate classifieds and is the clear chief in automotive listings, reflecting its deep integration into on a regular basis shopper and enterprise exercise throughout the UAE.
‘An thrilling new chapter’
Imran Ali Khan, CEO of Dubizzle Group, mentioned: “Dubizzle Group is the main digital classifieds platform within the MENA area, with 18m month-to-month lively customers throughout property, automotive, basic items, and different classes.
“Our platforms are deeply embedded within the every day lives of individuals within the UAE, Saudi Arabia, and wider MENA … This IPO marks an thrilling new chapter for Dubizzle Group.”
Khan mentioned the itemizing will broaden the shareholder base and “create long-term worth for customers, shoppers, staff, and shareholders alike.”
Prosus funding
Prosus, listed on Euronext Amsterdam with a market capitalisation of round $170bn, is the corporate’s largest shareholder by way of its subsidiary OLX B.V. Prosus has dedicated $100m within the IPO, reinforcing its long-term help.
Fahd Beg, Head of Funding at Prosus, mentioned: “Since our preliminary funding in 2011, we now have seen Dubizzle Group develop into the main regional classifieds platform. This IPO is each a serious milestone and a testomony to the imaginative and prescient and execution of its management crew.”
The providing totals 1,249,526,391 shares, comprising 196,114,887 new shares issued by the corporate and 1,053,411,504 sale shares from current shareholders.
- UAE Retail Providing: 3 per cent (37,485,791 shares)
- Certified Buyers Providing: 97 per cent (1,212,040,600 shares)
Each tranches will run concurrently from October 23–29. Completion stays topic to market circumstances and regulatory approvals, together with the UAE Securities and Commodities Authority (SCA).
Lock-up intervals will apply: 180 days for the corporate, one year for promoting shareholders, and one year for non-selling shareholders below separate deeds.
IPO particulars
Use of proceeds and liquidity help
The corporate will use the funds raised to settle the worker inventory possession plan, pursue strategic M&A alternatives, and keep flexibility for future progress.
