Dubizzle Group Targets Dubai IPO with 30% Float, Prosus Pledges $100M
Dubizzle Group Holdings PLC, recognized as the premier digital classifieds platform across the Middle East and North Africa (MENA) region, has announced its plans for an initial public offering (IPO) on the Dubai Financial Market (DFM). This significant development, initially reported by TechMoran, indicates the company intends to float approximately 30.34 percent of its share capital. This move underscores a pivotal moment for the burgeoning digital classifieds sector in the GCC and broader MENA region.
Key Offering Details and Strategic Backing
The impending Dubizzle IPO will involve a float of both newly issued and existing shares, making 30.34 percent of its total share capital available to investors. The subscription period is set to open on October 23 and will conclude on October 29, catering to both retail and institutional investors. Following regulatory approvals, trading of Dubizzle Group shares on the Dubai Financial Market is anticipated to commence around November 6. A major vote of confidence comes from Dutch investment titan Prosus NV, which operates as Dubizzle’s largest shareholder through OLX BV. Prosus has committed a substantial $100 million investment into the Dubizzle Group’s initial public offering, highlighting strong belief in the platform’s market position and growth trajectory. According to CEO Imran Ali Khan, this listing marks “an exciting new chapter” for the company. Khan emphasized Dubizzle Group’s extensive reach, noting that its digital platforms serve over 18 million monthly active users across key markets including the UAE, Saudi Arabia, Egypt, and other GCC countries. He further stated that these platforms are “deeply embedded in the daily lives of users making life’s most important decisions like buying a home or car,” showcasing their integral role in consumer choices.
This IPO represents a significant milestone for Dubizzle Group, signaling robust growth in the digital classifieds space across the MENA region and attracting substantial international investment. The commitment from Prosus NV reinforces the market’s confidence in Dubizzle’s continued expansion and its capacity to drive value in the dynamic tech landscape of emerging markets. As trading is set to begin in November, the Dubizzle IPO is poised to be a closely watched event for investors keen on digital platforms facilitating vital life decisions.
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