Dubai’s IPO stampede sees first private firm unveil listing plan

Dubai’s IPO stampede sees first private firm unveil listing plan

Published 15 Nov,2021 via Bloomberg Politics & Policy–Dubai-based information technology company StarLink plans to go public early next year, in a sign the government’s goal of listing state firms is encouraging the private sector to follow suit.

Starlink is working with Egyptian investment bank EFG Hermes and expects to finalize its listing on the Nasdaq Dubai bourse in the first quarter of next year, Chief Executive Officer Nidal Othman said in an interview.

The company has an annual revenue of around $400 million and $16 million in earnings before interest, taxes, depreciation and amortization, or Ebitda, which would give it a valuation of around $250 million, he said.

“The government has been encouraging tech companies to go public and has been very helpful to facilitate our process,” Othman said.

Dubai’s focus is expanding beyond the public sector as it seeks to revive trading on its bourse and looks to catch up with rivals Abu Dhabi and Riyadh.

Days after a pledge to stage initial public offerings of at least 10 state-linked entities, the government said it also wants to encourage private and family-owned businesses to list. The emirate already announced that it would sell shares in state utility Dubai Electricity & Water Authority and