Dubizzle Ltd. is set to kick off investor roadshows next week ahead of its planned initial public offering on Dubai Financial Market, according to reporting from Bloomberg.
The classifieds platform, popular with UAE expatriates and property seekers, plans to begin gauging investor interest as early as Monday. The listing could value the company at around $2 billion, people familiar with the matter said.
Dubizzle intends to offer about 30.3% of its share capital, roughly 1.25 billion shares, consisting of both new shares and existing shareholder sales. Prosus N.V., its largest shareholder, has committed to invest $100 million in the IPO.
The company has hired Emirates NBD, Goldman Sachs Group Inc., HSBC Holdings Plc and Morgan Stanley as joint bookrunners, with Rothschild & Co. acting as financial advisor.
The planned IPO comes as Dubai’s property market continues to surge, with prices up 70% since the pandemic on the back of record foreign inflows. Dubizzle, which employs 2,400 people across 10 countries, operates portals like Bayut and has recently expanded through acquisitions of Drive Arabia, Hatla2ee, and Property Monitor to strengthen its automotive and real estate verticals.
This offering follows a string of property-linked listings in Dubai, including state-backed IPOs and REIT launches, as companies look to tap into one of the world’s hottest real estate markets.
