EFG Hermes completes AED 1.94 billion DIP Holding IPO in Dubai

EFG Hermes, an EFG Holding company, has completed its role as joint bookrunner on DIP Holding's AED 1.94 billion (USD 529 million) initial public offering (IPO) on the Dubai Financial Market (DFM), marking the first IPO in the United Arab Emirates (UAE) in 2026.

DIP Holding, which owns the company operating Dubai Investments Park, offered 20% of its issued share capital through the transaction, with parent company Dubai Investments PJSC retaining an 80% controlling stake following the offering.

How was DIP Holding's IPO structured?

The offering comprised 1,735,243,300 existing ordinary shares, equivalent to 20% of DIP Holding's issued capital, sold by Dubai Investments PJSC. At the final offer price of AED 1.12 per share, the transaction was valued at approximately AED 1.94 billion, giving DIP Holding an implied market capitalization of AED 9.7 billion.

The final price was determined following the institutional book-building process, which attracted participation from regional and international investors.

Professional and institutional investors were allocated 92% of the offering, while 5% was allocated to retail investors, 1% to eligible Dubai Investments employees and 2% to eligible individual shareholders of Dubai Investments.

As the IPO involved the sale of existing shares, the proceeds will go to Dubai Investments rather than DIP Holding.

The shares were scheduled to begin trading on the DFM on November 11 under the ticker symbol DIP.

What is Dubai Investments Park?

DIP Holding owns 100% of Dubai Investments Park Development Company LLC (DIPDC), which operates Dubai Investments Park, a major mixed-use development covering approximately 23 million square meters in Dubai.

Located between Jebel Ali Port and Al Maktoum International Airport, the development comprises industrial, logistics, residential and commercial areas.

The park accommodates approximately 1,000 tenants, supports 5,700 subleases and is home to more than 150,000 residents.

Its ground lease occupancy rate stood at 99.9% as of June 30, 2026, reflecting high utilization of its available leased land.

DIP Holding generates revenue through long-term ground leases, services and related activities across the development.

What role did EFG Hermes play in the offering?

EFG Hermes acted as one of the joint bookrunners, working alongside other financial institutions to facilitate the share offering and investor participation.

Karim Meleka, co-head of investment banking at EFG Hermes, said: "We are proud to have supported DIP Holding on its IPO. Our regional and international investor networks helped connect a strong regional issuer with global capital. The transaction further strengthens our track record of delivering landmark equity offerings across the region."

Christopher Laing, head of equity capital markets at EFG Hermes, said: "Partnering with Dubai Investments on the listing of DIP Holding reflected a disciplined placement process. Pricing was set through a competitive book-building process among professional and institutional investors, who received 92% of the offering, alongside dedicated tranches for retail investors, employees, and eligible Dubai Investments PJSC shareholders. As the first IPO in the UAE this year, the listing provides a valuable reference point for issuers considering the region's equity capital markets and reinforces the UAE's status as a premier destination for global capital."

The DIP Holding IPO follows EFG Hermes' involvement in Banque du Caire's IPO on the Egyptian Exchange (EGX), as the investment bank continues its equity capital markets activities across the region.