According to a report from a leading business agency, Emerging Markets Property Group, the owner and operator of Dubizzle and Bayut, is considering an IPO in the UAE. EMPG (Emerging Markets Property Group) is a Dubai-based unicorn that owns and operates online property portals that provide for commercial and residential spaces in Dubai.
The largest classifieds player in emerging markets, EMPG is the owner of almost ten classified portals that are spread across North Africa, the Middle East, and South and Southeast Asia.
The report further says that the classifieds company is making arrangements to hire Rothschild & Co. to list their exchanges in Dubai or Abu Dhabi and is backed by the support of the tech investor Prosus NV.
The Emerging Markets Property Group to offer an IPO
Emerging Markets Property Group (EMPG), a classifieds company that owns and operates classified websites in the UAE, is preparing to offer an initial public offering.
The company is the owner and operator of leading classifieds websites like Dubizzle, a free classified website in the UAE that sells properties, jobs, and cars, and Bayut, which has the largest inventory of residential properties and commercial real estate for sale.
The further details of the initial public offering, like the time and size available, are tentative and may be subject to change. It is also said that the other banks will also be given a chance to submit a proposal to work on the deal.
Last year, the EMPG announced the closing round of $200 million in October, which is higher than the previous round in 2020.
The round of October 2022 was led by the US-based growth and equity fund affinity partners, with the help of new funding from KCK, Acacia Partners, and other investors like Prosus.
The CEO of the EMPG, Imran Ali Khan, highlighted in his speech that the preliminary goal for Dubizzle is to go for the IPO route. He further added that with this new round of investment, the EMPG is all set to start a new chapter that might add color to the success story of the company.
He said that the company is on its way to doubling its revenue over the past 24 months while earning a positive EBITDA position. The company, with its new initiatives, is hoping to maintain this influential growth trajectory.
He further added that with the successful closure of the year’s round, the company plans to prepare for an IPO which has always been at the top list of the company’s vision.
The combined effort of the UAE government and other concerned authorities has made the nation one of the most popular destinations for business organizations.
The government of the UAE with its mission to transform the nation into a digital hub in the world aims to attract large business tycoons to the country’s business policies.
Dubai has launched several policies and schemes that will aid new businesses in leveraging the country. The accelerator scheme launched is one such innovation designed to help businesses prepare for an IPO.
“The IPO Accelerator Programme” was initiated by the Dubai Financial Market (DFM) and the Dubai Chamber of Commerce in connection with 20 other regional and global advisors to provide support for the growth of the businesses and prepare for an IPO.
The growth and development of the business will eventually reflect the momentum of the UAE capital market. The Dubai Financial Market saw an increase of $8 billion in IPO activity last year, and Emirates has developed an ambitious vision to achieve stable growth in the near future.
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An IPO by the EMPG would help to analyze the interest of investors in the startups of the UAE, where the majority of the listings have been dominated by companies with strong dividend yields. Because of high inflation and rising interest rates, the demand for loss-making, fast-growing enterprises has been reduced, and tech companies have experienced difficulty raising funds and have seen their values collapse.
The offerings in the Persian Gulf have seen a remarkable holding, while the whole world is struggling to keep up. The largest IPO globally this year was that of Abu Dhabi, whose main energy company raised $2.5 billion from the listing of its gas business.
EMPG, the largest classifieds giant in emerging markets, owns and operates the major classifieds websites. It is led by a team of enthusiastic entrepreneurs who have proven their record of success. The body of members that lead the company is Imran Ali Khan, the CEO and board member of EMPG; Zeeshan Ali Khan, the CEO and board member of EMPG Pakistan; Haider Ali Khan, the CEO and board member of EMPG MENA; and Kian Moini, the CEO and co-founder of Lamudi. It has around 10 brands, which include those for the North Africa, MENA, South Asia, and Southeast Asia regions. The EMPG portals have recorded a monthly visitation of about 217 million, making them the go-to classifieds platforms in the market.