Online marketplace Dubizzle has postponed its IPO, pushing the date for its debut, as per an official statement on the company’s website.
The official announcement stated that since the company’s intention to float, Dubizzle Group saw strong engagement from investors, which reflected the company’s market leadership, profitability, and growth prospects across the UAE and Saudi Arabia.
“However, the Company has decided to postpone its planned IPO and assess optimal timing for the offering in the future,” read the statement on the website.
As per the initial timeline, the offering was supposed to run from 23rd October to 30th October, with the final listing on DFM to take place on the 6th of November, during which the company would give out shares.
Preliminary documentation showed Dubizzle’s offering is to be split into two tranches, with 3% earmarked for retail investors and the remaining 97% for institutional investors.
Dubizzle has not given any reasons as to why it has delayed the offering. Currently, Prosus N.V. is the largest shareholder with a 37.95% stake held through subsidiary OLX B.V.