Dubai-based Dubizzle Group Holdings has unveiled its plans to proceed with an initial public offering (IPO) on the Dubai Financial Market, bolstered by a $100 million investment from Prosus.

This strategic listing involves approximately 30.34% of the company's total issued share capital being offered to investors through a mix of new and existing shares.

The move is set to propel Dubizzle Group towards accelerated growth, broader regional expansion, and enhanced liquidity within Dubai's rapidly evolving capital markets ecosystem.

Dubizzle IPO

The subscription period for this much-anticipated offering will commence on October 23 and close on October 29 for both UAE retail investors and professional investors.

Pricing and allocation for professional investors are slated for October 30, with trading expected to begin around November 6. The final offer price will be determined through a book-building process orchestrated by underwriters.

Through its leading platforms dubizzle and Bayut, Dubizzle Group effectively connects individual and business sellers with buyers across sectors such as property, automotive, and general goods. The company boasts a dominant position in UAE real-estate classifieds and leads in automotive listings, highlighting its deep integration into everyday consumer and business activities across the UAE.

'An Exciting New Chapter'

Imran Ali Khan, CEO of Dubizzle Group, remarked, "Dubizzle Group is the leading digital classifieds platform in the MENA region, catering to 18 million monthly active users across property, automotive, general goods, and other categories."

Khan emphasized that "our platforms are deeply embedded in the daily lives of people in the UAE, Saudi Arabia, and wider MENA... This IPO marks an exciting new chapter for Dubizzle Group."

The listing aims to expand the shareholder base while creating long-term value for users, clients, employees, and shareholders alike.

Prosus Investment

Prosus-listed on Euronext Amsterdam with a market capitalization around $170 billion-is the largest shareholder of Dubizzle through its subsidiary OLX B.V. Its commitment of $100 million in this IPO underscores enduring support.

Fahd Beg, Head of Investment at Prosus commented: "Since our initial investment in 2011, we have seen Dubizzle grow into a leading regional classifieds platform. This IPO represents both a significant milestone and testament to the vision and execution of its leadership team."

  • Total offering includes 1.25 billion shares comprising 196 million new shares issued by the company alongside over one billion sale shares from current shareholders.
  • UAE Retail Offering: Comprising 3% (37 million shares).
  • Qualified Investors Offering: Comprising 97% (1.21 billion shares).

The two tranches will concurrently run from October 23–29 subjecting completion upon prevailing market conditions alongside necessary regulatory approvals including those from UAE Securities & Commodities Authority (SCA).

A lock-up period applies; spanning over different durations where companies have stipulated timeframes namely:180 days applicable toward itself;365 days imposed onto selling shareholders as well non-selling ones respectively under specific agreements/deeds .

IPO Details

The proceeds aim at meeting commitments such settling employee stock ownerships while pursuing strategic mergers/acquisitions opportunities thereby maintaining flexibility supporting future aspirations .