Dubai Real Estate: Classifieds Firm Dubizzle Plans IPO Amid Property Boom - Bloomberg
Dubai-based Dubizzle Ltd., which operates classifieds websites popular with expatriates, plans to start gauging investor interest next week for an initial public offering, adding to the wave of firms seeking to capitalize on the emirate’s booming property market.
The firm is planning roadshows as soon as Monday, according to people familiar with the matter, who requested anonymity to discuss private information. The offering could value the company at about $2 billion, some of the people said.
Representatives for Dubizzle declined to comment.
The firm is working with Emirates NBD PJSC, Goldman Sachs Group Inc., HSBC Holdings Plc and Morgan Stanley on the transaction, Bloomberg News has previously reported. Rothschild & Co. is the financial advisor.
Dubizzle, backed by tech investor Prosus NV, has been planning an IPO since 2023. The company raised $200 million in a round led by Jared Kushner’s Affinity Partners in 2022.
It employs 2,400 people across 10 countries and owns classified portals across the Middle East, North Africa, and South and Southeast Asia, according to its website. Many of its portals are property-focused, including Bayut.
The deal would be the latest in a string of property-related listings, as firms seek to capitalize on Dubai’s booming real estate market. Prices in the city have risen 70% since the pandemic, helped by an influx of people from around the world.
State-backed Investment Corp. of Dubai raised $381 million earlier this month from the IPO of contractor Alec Holdings PJSC. Arabian Construction Co., Binghatti Holding Ltd. and Dubai Investments Park Development Co. are also preparing to go public, Bloomberg News has reported.
Earlier this year, an investment vehicle controlled by the emirate raised $584 million from a residential real estate investment trust listing in May. It now plans to list a portfolio of malls and commercial assets.
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