Dubai Investments priced a 20% sale of DIP Holding at AED 1.12 a share, putting the offer at about $529 million and leaving the parent company set to receive net proceeds.
Dubai Investments described the transaction as the UAE’s first IPO of 2026. DIP Holding’s implied market capitalization is about AED 9.7 billion ($2.6 billion) upon listing. The final price falls within the AED 1.10-to-AED 1.15 range announced for the offering.
The offer’s AED 1.9 billion size is separate from the AED 9.7 billion implied valuation: the former covers the 20% block being sold, while the latter reflects DIP Holding’s implied market capitalization upon listing.
The offering transfers 1,735,243,300 existing ordinary shares, equal to 20% of DIP Holding’s issued capital. Dubai Investments will retain an 80% stake. Because Dubai Investments is selling existing shares, DIP Holding will receive no direct proceeds. Dubai Investments will receive the net proceeds, as explained in EconoTimes’ earlier coverage of the proceeds structure.
Subscriptions closed Tuesday, Nov. 3. Dubai Investments said buyers in local, regional and international markets placed orders covering the offer several times, but the company did not report an exact multiple. It gave neither a coverage ratio nor a total order-book value. The company said the sale would improve its financial flexibility for portfolio expansion and selected investments.
At AED 1.12, the expected annualized cash dividend of AED 725 million for fiscal 2027 corresponds to an indicated yield of about 7.5%, Dubai Investments said. Any distribution remains subject to a board recommendation and shareholder approval.
DIP Holding owns Dubai Investments Park Development Company LLC, which operates Dubai Investments Park. The mixed-use development spans 23 million square meters and includes logistics, industrial, residential and commercial activity.
Allocations and refunds are expected Tuesday, Nov. 10, while trading on the Dubai Financial Market is expected to begin Wednesday, Nov. 11, subject to regulatory approvals.