Dubai: FIVE Holdings, which operates luxury hotels in Dubai and Switzerland synonymous with partying, is considering an initial public offering on the local bourse in about two years.
“Our long-term goal is to do an IPO,” Chairman and Founder Kabir Mulchandani told Bloomberg TV on Wednesday. “This year is definitely out, we would be looking at it in 2025,” he said.
As a ‘Made in Dubai’ brand, the firm will target a primary listing in the emirate, Mulchandani said. “We would look at possibly London as well, but I think the way the Dubai capital markets are growing, it might just be a Dubai listing,” he said.
The firm would join a number of private companies lining up to list in the UAE, which has seen a surge in IPOs since late 2021 on the back of higher oil prices and a government privatization drive.
Advanced Inhalation Rituals, the owner of shisha brand Al Fakher, and Dubizzle Group, which operates classifieds websites popular with expatriates, are among private companies looking to list in the UAE, Bloomberg News has reported.