Marketplaces operator Dubizzle Group has indefinitely postponed its IPO on the Dubai Financial Market. The decision was announced just one day before the company was set to start its book-building process.
In a statement issued on Wednesday, Oct. 22, Dubizzle said that it had received “strong engagement and interest from investors” but had elected to postpone the IPO to “assess optimal timing for the offering in the future.” The company had announced the timing of the IPO earlier this month, making for a rapid volte-face.
The company added that it “remains focused on executing its strategy of growing its highly profitable UAE business and expanding its footprint in Saudi Arabia.”
Dubizzle, which operates marketplace horizontal Dubizzle and property site Bayut.com, had planned to offer 30.3% of its share capital — about 1.2 billion shares — with the listing scheduled for Nov. 6. The company’s largest shareholder, Prosus N.V. — which holds its stake through subsidiary OLX B.V. — had committed to invest $100 million as part of the offering.
In its prospectus, Dubizzle stated that revenue rose by 26.6% year on year (y-o-y) to $133 million in the first half of 2025. It reported full-year revenue of $222 million in 2024, up by 0.5% from $221 million in 2023 and 12.3% from $198 million in 2022.
The company remains loss-making, but its net loss has narrowed significantly in recent years — from $127 million in 2022 to $62.3 million in 2024. In H1 2025, it recorded a net loss of just $8.9 million. However, “The statutory accounts include businesses that were discontinued and divested / sold,” Dubizzle Group told the AIM Group. “When excluding the discontinued / divested operations, Dubizzle group has been profitable since 2022 on a consolidated basis.”
Dubizzle reported a 46% adjusted EBITDA margin for the first half of 2025, up from 31% in the year-earlier period.
The delay follows a series of mixed IPO performances on the Dubai Financial Market and Abu Dhabi Securities Exchange. For example, shares in recently listed construction company Alec Holdings are currently trading 8% below their listing price.
