Dubizzle Group to offer 30% stake in Dubai IPO, eyes listing in November

Dubai: Dubizzle Group plans to sell a 30.34 percent stake through an initial public offering on the Dubai Financial Market (DFM), marking one of the largest tech listings in the UAE this year.

Commenting on the intended offering, Imran Ali Khan, CEO of Dubizzle Group, said: "This IPO marks an exciting new chapter for Dubizzle Group. 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 offering will comprise 1.25 billion ordinary shares, representing just over 30 per cent of the group’s post-offer capital. Once listed, Dubizzle Group will have 4.12 billion shares outstanding.

The IPO includes both new shares issued by the company and existing shares offered by current shareholders.

Subscription for retail and institutional investors opens on October 23 and closes on October 29, with the final offer price to be announced on October 30. Allocation of shares and confirmations will follow on November 4, and trading of shares is expected to begin on November 6, 2025.

The group reported revenue of $222 million in 2024, up from $220.8 million in 2023 and $197.7 million in 2022. For the first half of 2025, revenue reached $133 million, compared with $105 million in the same period last year.

Shareholders, ownership

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, the company added.

Following the IPO, OLX B.V. will remain the largest shareholder with 37.95 per cent of the company. Other significant investors include:

• Kingsway Frontier Consumer Internet Fund L.P. – 11.01%

• KCK Ventures III Ltd (Bermuda) – 14.02%

• Affinity Partners Funds (Parallel & Fund I) – 10.7% combined

• Founders Imran Ali Khan (4.29%), Zeeshan Ali Khan (1.23%), and Ha Mim Foundation (1.67%)

The company’s board is chaired by Nael Karim Kassar, with Imran Ali Khan serving as vice chairman. Other directors include Zeeshan Ali Khan, Haider Ali Khan, Jake Hennemuth, Asad Naqvi, Fahd Beg, Ali Esfahani, and Salma Hassan.

Advisors, managers

The offering is being managed by a syndicate of UAE and international banks, including Emirates NBD Capital, Abu Dhabi Commercial Bank (ADCB), HSBC Bank Middle East, and EFG Hermes UAE.

Dubizzle Group, which operates online marketplaces through its flagship platforms dubizzle and Bayut across the UAE and wider MENA region, recorded continued growth in revenues despite high restructuring and share-based compensation costs in 2024.

The upcoming IPO will broaden its investor base and establish its first public valuation under DFM rules.