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Dubizzle Group, which operates classifieds websites popular with expatriates in the United Arab Emirates, is working with Citigroup Inc. and HSBC Holdings Plc on its potential initial public offering, according to people familiar with the matter.
The company, formerly known as Emerging Markets Property Group, hasn’t decided on a venue for the listing but it’s likely to be a regional stock market, the people said, asking not to be identified as the information isn’t public. A deal could happen as soon as next year, they said.
Details of the offering such as its size and timeline are still being discussed and may change, the people said. More banks may be added to the deal at a later date, they said.
Representatives for Dubizzle, Citigroup and HSBC declined to comment.
An IPO by Dubizzle would test investor appetite for startups in the Middle East where listings have been dominated by companies in sectors with high dividend yields. Globally, tech companies have struggled to raise funds and seen valuations plunge as high inflation and rising interest rates dented appetite for loss-making, high-growth firms.
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