Dubizzle Group has announced plans to offer a 30.34 per cent stake in an initial public offering on the Dubai Financial Market, positioning it as one of the UAE’s largest technology listings this year. The company, which operates prominent online marketplaces such as dubizzle and Bayut, intends to sell 1.25 billion ordinary shares.
The offering will include both new shares issued by the company and existing shares from current shareholders. Upon listing, Dubizzle Group will have a total of 4.12 billion shares in issue.
“This IPO marks an exciting new chapter for Dubizzle Group,” said CEO Imran Ali Khan. “By welcoming a broader shareholder base, we are positioning the Group to accelerate growth, deepen our presence in the markets where we operate, and create long-term value for our users, clients, employees, and shareholders alike.”
The subscription period for retail and institutional investors is scheduled to open on 23 October and will close on 29 October. The final offer price will be announced on 30 October, with trading on the DFM expected to commence on 6 November.
Financials and Major Shareholders
The group has demonstrated consistent revenue growth, reporting $222 million in its most recent full year, an increase from $220.8 million the previous year and $197.7 million in 2022. For the first half of the current year, revenue reached $133 million, compared with $105 million during the same period last year. This growth comes as its platforms continue to serve a market where high villa and apartment costs remain a significant topic for buyers and investors.
Prosus N.V., through its subsidiary OLX B.V., is the company’s largest shareholder and has committed to investing $100 million in the IPO. Following the offering, OLX B.V. will retain a 37.95 per cent stake.
Other significant investors will include KCK Ventures III Ltd with 14.02 per cent, Kingsway Frontier Consumer Internet Fund L.P. with 11.01 per cent, and Affinity Partners Funds with a combined 10.7 per cent. The founders, Imran Ali Khan and Zeeshan Ali Khan, will hold 4.29 per cent and 1.23 per cent respectively.
The listing underscores the city’s expanding role as a hub for technology and finance, attracting significant capital as some of the world’s top billionaires bet on Dubai for investment opportunities. A syndicate of banks including Emirates NBD Capital, Abu Dhabi Commercial Bank, HSBC Bank Middle East, and EFG Hermes UAE will manage the offering.
