DIP Holding Plc, a subsidiary of Dubai Investments PJSC, has announced a price range of AED1.10 to AED1.15 per share for its initial public offering (IPO) on the Dubai Financial Market (DFM), with subscriptions opening on Tuesday.
The offering values the company at approximately AED9.5 billion ($2.6 billion) to AED10 billion ($2.7 billion), marking a significant development in Dubai’s capital markets.
Dubai Investments plans to sell 1.735 billion existing shares, representing 20% of DIP Holding’s issued share capital. The transaction is expected to generate between AED1.9 billion ($520 million) and AED2 billion ($543 million).
As the sole selling shareholder, Dubai Investments will receive the proceeds from the offering and retain an 80% ownership stake following completion, assuming the offering size remains unchanged.
DIP Holding owns Dubai Investments Park, a 23-million-square-metre mixed-use development in southern Dubai that accommodates industrial, logistics, residential and commercial activities.
DIP Holding Outlines Dividend Plans Through 2028
Alongside the IPO announcement, DIP Holding detailed its proposed dividend policy, targeting annualised cash distributions of AED700 million for 2026, AED725 million for 2027 and AED750 million for 2028.
The company intends to distribute dividends twice annually, subject to board recommendations, shareholder approval, available distributable reserves and other regulatory requirements.
Its first post-listing dividend payment of AED350 million is scheduled for April 2027, covering the entire second half of 2026. Eligible shareholders will therefore benefit from the full six-month dividend period, despite the company’s expected market debut in November.
For 2027, DIP Holding anticipates two payments of AED362.5 million each, scheduled for October 2027 and April 2028.
Based on the projected AED725 million annual dividend for 2027, the IPO price range indicates an estimated dividend yield of 7.27% to 7.60%.
The company also plans to distribute AED750 million for 2028 through two equal instalments of AED375 million in October 2028 and April 2029.
From 2029 onwards, DIP Holding expects to maintain annual dividends at or above the 2028 level, subject to the necessary approvals and financial considerations.
IPO Subscription Deadline and Expected DFM Listing
The subscription period opened on 27 October 2026 and will close on 3 November 2026 across all four investor tranches.
The final share price will be established through the book-building process and is expected to be announced on 4 November.
Trading in DIP Holding shares on the Dubai Financial Market is scheduled to begin on or around 11 November 2026, depending on market conditions and regulatory approvals.
Dubai Investments retains the right to adjust the overall offering size or individual tranche allocations before the subscription deadline, subject to applicable UAE regulations and approval from the Capital Market Authority.
Both the company and its selling shareholder will be subject to a 180-day lock-up period following the listing, with certain customary exceptions.
Share Price Stabilisation Measures
To support orderly trading following the listing, Dubai Investments has appointed xCube LLC as the stabilisation manager.
Under the arrangement, 173.5 million shares, representing 10% of the offering, will be allocated to investors through the standard allocation process.
Should DIP Holding’s shares trade below their final offer price during the first 30 calendar days after listing, the stabilisation manager may purchase an equivalent number of shares in the market using proceeds from the stabilisation share sales.
Any such transactions must comply with DFM trading regulations, and the stabilisation manager will disclose relevant activities in accordance with market rules.
Shariah Compliance and Financial Advisors
The Internal Shariah Supervision Committees of Emirates NBD Bank and Dubai Islamic Bank have issued opinions confirming that the IPO complies with Shariah principles.
However, prospective investors have been advised to conduct their own assessments when determining whether the investment meets their individual Shariah requirements.
Citigroup Global Markets Limited, Emirates NBD Capital LLC and HSBC Bank Middle East Limited have been appointed as joint global coordinators.
Abu Dhabi Commercial Bank, Arqaam Capital, Dubai Islamic Bank and EFG Hermes UAE are serving as joint bookrunners alongside the global coordinators.
Al Mal Capital has been appointed financial advisor, while Emirates NBD Capital will also serve as listing advisor. Emirates NBD Bank has been designated the lead receiving bank for the offering.
The IPO will provide investors with an opportunity to acquire shares in the company behind one of Dubai’s established mixed-use developments, while allowing Dubai Investments to retain majority ownership.
