Dubai Investments raises $529m in DIP Holding IPO, The National reports

Dubai Investments raised Dh1.9 billion ($529 million) by selling a 20 per cent stake in its subsidiary DIP Holding, The National reported on November 4, in what the newspaper and Dubai Investments described as the United Arab Emirates' first initial public offering of 2026.

The shares were priced at Dh1.12 each, according to the newspaper and a pricing announcement headline on Dubai Investments' website. That was within the Dh1.10 to Dh1.15 range announced when subscriptions opened. The National put the implied value of the company at listing at Dh9.7 billion.

The transaction was structured to transfer existing shares rather than issue new ones. DIP Holding's price-range announcement set out an offer of 1,735,243,300 ordinary shares and said the proceeds would go to Dubai Investments, which would retain 80 per cent ownership if the offer size did not change.

The National reported that the company said investor orders exceeded the shares offered several times over throughout the price range. Demand came from local, regional and international investors, but the total value of orders was not disclosed.

Subscriptions opened on October 27 and closed on November 3. Final allocations and the start of refunds for individual investors, eligible employees and eligible Dubai Investments shareholders were scheduled for November 10.

Trading on the Dubai Financial Market was expected to begin around November 11. The price-range announcement said completion of the offering and admission to trading depended on market conditions and the necessary regulatory approvals.

DIP Holding's business centres on Dubai Investments Park. The price-range announcement describes the park as a 23 million-square-metre development generating ground rent and service income, with land used for logistics, industry, housing and commercial activities.

The National calculated a dividend yield of about 7.5 per cent at the final offer price, using an expected annualised dividend of Dh725 million for the 2027 financial year.

The earlier announcement projected annualised dividends of Dh700 million for 2026 and Dh750 million for 2028. Those distributions were conditional on board recommendations, shareholder approval, sufficient distributable reserves and other applicable considerations.