DIP Holding Opens IPO Subscriptions at AED1.10–1.15 a Share

DIP Holding opened subscriptions on October 27 for its initial public offering on the Dubai Financial Market, setting an indicative price range of AED1.10–1.15 per share. The Dubai Investments subsidiary said the range implies a market value at listing of AED 9.5–10 billion. Dubai Investments is offering 1,735,243,300 ordinary shares, representing 20% of DIP Holding's issued capital. The expected offering size is AED 1.9–2 billion. “All Offer Shares are existing shares,” DIP Holding said in its announcement. The proceeds will go to Dubai Investments, which would retain 80% if the offering size remains unchanged. The selling shareholder may change the size before subscriptions close, subject to applicable law and regulatory approval. Incorporated in the Dubai International Financial Centre, DIP Holding owns Dubai Investments Park Development Company. That business operates Dubai Investments Park, a 23 million square metre development providing infrastructure and long-term ground leases for logistics, industrial, residential and commercial uses. The offering has separate tranches for individuals, professional investors, eligible group employees and eligible Dubai Investments shareholders. Subscriptions for all four tranches close on November 3. The final price will be set through book-building using professional-investor orders, with an announcement expected on November 4. Trading is anticipated to begin on or around November 11, subject to market conditions and the relevant regulatory approvals.