20/10/2026 02:41 AST
IP Holding has announced its intention to list on the Dubai Financial Market (DFM) through an initial public offering (IPO).
Its parent, Dubai Investments PJSC, will sell existing shares representing 20 per cent of the company's issued share capital.
The offer comprises 1,735,243,300 shares. The subscription period is expected to run from October 27 to November 3, 2026, with trading on the Dubai Financial Market (DFM) anticipated on or around November 11, subject to regulatory approvals and market conditions.
The offering is split into four tranches:
First Tranche (5%, 86,762,165 shares): Individual investors and others holding a valid DFM investor number (NIN). Successful subscribers are guaranteed a minimum of 2,000 shares, and the minimum subscription is Dh5,000.
Second Tranche (92%, 1,596,423,836 shares): Professional investors only, with a minimum subscription of Dh1 million. The final offer price will be set through book-building based solely on orders from this tranche.
Third Tranche (1%, 17,352,433 shares): Eligible employees of Dubai Investments and its subsidiaries, with a guaranteed minimum of 5,000 shares.
Fourth Tranche (2%, 34,704,866 shares): Eligible Dubai Investments shareholders on the record date of 28 October. Shares must be bought by 26 October. The same guaranteed minimum of 5,000 shares and Dh5,000 minimum subscription apply.
DIP Holding expects to pay annualised dividends of Dh700 million for 2026, Dh725 million for 2027 and Dh750 million for 2028. The 2026 figure excludes a Dh100 million pre-IPO dividend paid to Dubai Investments in September 2026.
From 2029, it expects payouts in line with or above the 2028 level. It intends to adopt a semi-annual policy, subject to board recommendation, shareholder approval and distributable reserves.
The first post-IPO payment of Dh350 million, due in April 2027, will cover the full second half of 2026. Eligible investors will therefore receive the dividend for the whole period, not only for the time after the November listing.
Financial performance
The company's revenue rose to Dh960 million in 2025 from Dh892 million in 2024 and Dh838 million in 2023. Adjusted EBITDA reached Dh678 million in 2025, and net profit was Dh1.09 billion.
In the first half of 2026, revenue rose 7 per cent to Dh492 million from Dh460 million a year earlier, on a like-for-like basis that excludes assets converted from operating to finance leases in 2025.
Reported first-half 2025 revenue was Dh483 million. Adjusted EBITDA rose to Dh355 million from Dh326 million, a margin of 72 per cent against 71 per cent. Net profit increased to AED444 million from Dh418 million, while cash conversion was 97 per cent, compared with 98 per cent.
Subleasing revenue climbed 31 per cent like-for-like to Dh92 million, and ground rent rose 4 per cent to Dh302 million. Ancillary income fell 2 per cent to Dh98 million.
Khalid Jassim Bin Kalban, Chairman of DIP Holding, said the listing was "a natural next step in a journey that began more than 25 years ago".
Omar AlMesmar, CEO of DIP Holding, said the IPO "marks an important milestone" and that the company's priorities as a listed business remain "disciplined execution, operational excellence and predictable, sustainable performance".
Citigroup Global Markets, Emirates NBD Capital and HSBC Bank Middle East are joint global coordinators. ADCB, Arqaam Capital, Dubai Islamic Bank and EFG Hermes are joint bookrunners, and Emirates NBD Bank is lead receiving bank. The Shariah supervision committees of Emirates NBD and Dubai Islamic Bank have issued, or are expected to issue, pronouncements that the offering is Shariah-compliant.
xCube LLC will act as stabilisation manager for up to 30 days after admission, and Dubai Investments and DIP Holding will be subject to a 180-day lock-up from listing.
Khaleej Times
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