EFG Hermes, the investment banking arm of Egypt’s EFG Holding, said it had completed its role as joint bookrunner on the AED1.94bn (about $529mn) initial public offering of DIP Holding on the Dubai Financial Market, the first IPO in the UAE this year.
The final offer price was set at AED1.12 a share after the institutional book-building, giving DIP Holding an implied market capitalisation of AED9.7bn (about $2.64bn). The company will trade under the ticker DIP.
The offering consisted of 1,735,243,300 existing shares, or 20% of DIP Holding’s capital, sold by its parent Dubai Investments, which will keep an 80% controlling stake. Because no new shares were issued, the proceeds go to the selling shareholder.
Professional and institutional investors took 92% of the offering, with the rest set aside for retail investors, employees and eligible Dubai Investments shareholders.
A city within a city
DIP Holding owns Dubai Investments Park Development Company, which operates Dubai Investments Park, a 23mn sq m mixed-use development in Dubai’s southern corridor between Jebel Ali Port and Al Maktoum International Airport. The park has about 1,000 tenants, 5,700 sub-leases and more than 150,000 residents, and its ground leases were 99.9% occupied at the end of June.
Christopher Laing, head of equity capital markets at EFG Hermes, said the listing “provides a valuable reference point” for companies weighing a flotation in the region. Karim Meleka, co-head of investment banking, said the bank’s investor networks had helped connect a strong regional issuer with global capital.
Busy pipeline
The deal follows EFG Hermes’ work on Banque du Caire’s IPO on the Egyptian Exchange, as well as the recent listing of MNT-Halan and the flotations of Trolley and Gourmet earlier this year. The bank said further IPOs were lined up for execution before the end of the year and in early 2027.
