According to a Bloomberg report, Emerging Markets Property Group (EMPG), the owner of Dubizzle and Bayut, is considering an IPO on either the Dubai or Abu Dhabi stock exchange, and is said to be close to hiring Rothschild & Co for the listing. EMPG’s parent company is backed by tech investor Prosus NV, and it is currently the largest classifieds operator in emerging markets with over 217 million monthly visitors across its expat-friendly sites in 16 countries.
However, no specific details such as date, valuation or share offering have been announced, as any potential IPO is still believed to be in the early stages. Dubizzle IPOBrands operated by EMPG include: Bayut, Dubizzle, Zameen, Kaidee, Mubaweb and Lamudi.
In October last year, EMPG announced the closing of a $200m investment round. The value was significantly higher than a previous round in 2020. The October 2022 round was led by US-based growth and equity fund Affinity Partners, with new funding from KCK, Acacia Partners and other investors including Prosus. Speaking at the time, EMPG CEO Imran Ali Khan highlighted the long-term goal for the Dubizzle parent is to take the IPO route.
He said: “With this round of investment, EMPG begins a new chapter in its success story. We are on track to double our revenue over the past 24 months while achieving an EBITDA positive position, and we look forward to continuing this strong growth trajectory.
“With the successful closure of this round the company’s focus will now turn towards preparing for an IPO in the near future, which has always been part of our larger vision”
Dubai has launched an accelerator scheme designed to help business prepare for an IPO. Last year the Dubai Financial Market saw more than $8bn in IPO activity and the emirate has set ambitious targets for future growth. Dubai Financial Market (DFM) and Dubai Chamber of Commerce, in partnership with 20 regional and global advisors, have announced the “The IPO Accelerator Programme” to support businesses in the region on their path to growth and IPO, increasing the momentum of the emirate’s capital markets.
