Dubai-based owner of Dubizzle mulls UAE IPO

  • Date: 31-Mar-2023
  • Source: Gulf Business
  • Sector:Financial Markets
  • Country:UAE
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Dubai-based owner of Dubizzle mulls UAE IPO

Emerging Markets Property Group, which operates classifieds websites popular with expatriates in the United Arab Emirates, is considering an initial public offering, according to people familiar with the matter. The company, which runs the Dubizzle and Bayut websites and is backed by tech investor Prosus NV, is set to hire Rothschild & Co. for the potential listing in Dubai or Abu Dhabi, the people said, asking not to be identified as the information isn’t public. Details of the offering such as the size and timing are still preliminary and may change, the people said. Other banks may still be invited to pitch to work on the deal. Representatives for EMPG weren’t immediately available for comment and Rothschild declined to comment. An IPO by EMPG would test investor appetite for startups in the UAE 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. Most recent offerings in the UAE have been by state-owned companies, although there are signs that more private and family-owned companies are considering them, despite market volatility and subdued