DIP Holding priced its Dubai Financial Market IPO at AED 1.12 a share, raising about AED 1.9 billion, with allocation on November 10 and trading on November 11.
DIP Holding Plc has set the final offer price for its initial public offering on the Dubai Financial Market (DFM) at AED 1.12 per share, with trading expected to begin on Wednesday, November 11, subject to approvals.
The price follows the close of bookbuilding and subscriptions on Tuesday, November 3, the company said on Wednesday.
At that price the offering totals about AED 1.9 billion (US$529 million). It implies a market capitalisation of about AED 9.7 billion (US$2.6 billion) on listing.
Allocation and refunds on November 10
Final allocation for individual subscribers (First Tranche), eligible Dubai Investments PJSC group employees (Third Tranche) and eligible Dubai Investments PJSC shareholders (Fourth Tranche) is expected on November 10.
Successful subscribers in those tranches are due to be notified of their allocation by SMS that day. Refunds of surplus subscription amounts are due to begin on the same date.
The shares are due to be admitted under the symbol DIP. Completion and admission are subject to market conditions and regulatory approvals, including approval of admission to listing and trading on the DFM.
Emirates NBD Bank PJSC is the lead receiving bank, and its IPO call centre can be reached on 800 3623 476. The prospectus and offering materials are available at ipo.dipark.com.
1,735,243,300 shares, 20% of capital, were offered
A total of 1,735,243,300 existing ordinary shares, equal to 20% of DIP Holding’s issued share capital, were offered by Dubai Investments PJSC.
Because all the shares are existing ones, Dubai Investments receives the net proceeds. It will keep an 80% stake after completion.
Dubai Investments said the offering was oversubscribed multiple times, with demand from local, regional and international investors. It described the price as balancing investor demand with the aim of supporting a strong and sustainable aftermarket.
Khalid Jassim Bin Kalban, Vice Chairman and Chief Executive Officer of Dubai Investments, said the offering would give the group “greater financial flexibility” to support its portfolio and selectively pursue new investment opportunities.
Dividends of AED 700 million to AED 750 million a year
DIP Holding expects annualised cash dividends of AED 700 million, AED 725 million and AED 750 million for the financial years ending December 31, 2026, 2027 and 2028.
On the expected AED 725 million for 2027, the company puts the implied dividend yield at the final price at about 7.5%.
The first post-IPO dividend, AED 350 million, covers the full second half of 2026 and is expected in April 2027. Eligible shareholders therefore receive a dividend for the whole half, not only the period after admission.
The company then expects to pay AED 362.5 million in October 2027 for the first half of 2027, and AED 362.5 million in April 2028 for the second half.
For 2028 it expects AED 750 million in two instalments of AED 375 million, in October 2028 and April 2029. From 2029 it expects to keep annualised dividends at or above the 2028 level.
Dividends are paid semi-annually and remain subject to board recommendation, shareholder approval and regulatory considerations.
DIP Holding is a company incorporated in the Dubai International Financial Centre (DIFC). It is the sole shareholder of Dubai Investments Park Development Company LLC, which operates Dubai Investments Park, a 23 million sqm site in Dubai spanning logistics, industrial, residential and commercial zones.
The company describes the park as a ground rent and services platform offering long-term infrastructure-enabled ground leases. Omar AlMesmar, Chief Executive Officer of DIP Holding, said its priority was “sustainable growth, strong cash generation and long-term returns for all shareholders”.
Both Dubai Investments and DIP Holding are subject to a 180-day lock-up after admission, with customary exceptions.
A price stabilisation manager may act on the DFM under the DFM Trading Rules. The stabilisation period ends no later than 30 calendar days after trading begins.
The company described the offering as the UAE’s first IPO of 2026, in its own announcement.
