DIP Holding to Debut on Dubai Financial Market on November 11 After Dh1.9 Billion IPO

The company set the final offer price at Dh1.12 a share on November 4, near the lower end of its Dh1.10 to Dh1.15 range, after subscriptions closed on November 3. The sale of 1,735,243,300 existing shares, equal to 20% of the company, raised about Dh1.9 billion and gives DIP Holding a market value of roughly Dh9.7 billion, or about $2.6 billion, at listing. The company said demand from local, regional and international investors covered the offer several times across the price range.

The listing is being described as the first initial public offering in the UAE this year, after a 2026 in which Dubizzle Group postponed its own planned flotation. How the shares trade on debut will be an early read on whether investors are ready for more Gulf listings after a long gap.

All the shares sold belong to Dubai Investments, which will receive the net proceeds and keep an 80% stake. DIP Holding itself raises no money. Both the seller and the company have agreed to a 180-day lock-up after listing. Allocations will be sent to subscribers by text message on November 10, the same day surplus subscription money is refunded. Citi, Emirates NBD Capital and HSBC acted as joint global coordinators.

The pitch to investors rests largely on income. DIP Holding has said it expects to pay annual dividends of Dh700 million for 2026, Dh725 million for 2027 and Dh750 million for 2028, in two instalments a year, subject to board and shareholder approval. The first payment, Dh350 million covering the second half of 2026, is due in April 2027. At the offer price, the 2027 payout implies a dividend yield of about 7.5%.

According to figures published with the offering, revenue rose from Dh838 million in 2023 to Dh892 million in 2024 and Dh960 million in 2025. Adjusted EBITDA was Dh678 million last year and net profit Dh1.09 billion. In the first half of 2026, revenue reached Dh492 million, up 7% on a like-for-like basis, with adjusted EBITDA of Dh355 million, a 72% margin, and net profit of Dh444 million. Ground rent remains the largest source of income at Dh302 million in the half, up 4%, while subleasing grew 31% to Dh92 million and ancillary income slipped 2% to Dh98 million.

"The strong response demonstrates the resilience and depth of Dubai's capital markets," chairman Khalid Jassim Bin Kalban said when the price was set. Chief executive Omar AlMesmar said the company's priority was sustainable growth, strong cash generation and long-term returns for shareholders.

The debut lands in a busy week for UAE equities. The Dubai Financial Market general index rose 4.4%, or 255 points, last week to close at 6,026, according to Al Bayan, led by a 21.3% jump in Emaar Development to Dh14.70 after Emaar Properties said it would offer Dh15 a share in cash for the minority stake it does not own. Emaar Development holds an analyst call on November 9, and its board meets on November 10 to consider appointing an independent financial adviser on the offer. The Abu Dhabi index fell 0.8% to 9,393 over the same week.

Third-quarter results from ADNOC Gas, AD Ports Group, ADNOC Logistics and Services, Fertiglobe and Presight are also due this week, with Salik holding an investor call on November 11, the day DIP shares are scheduled to start trading.