Subscription to DIP Holding IPO opens

Company Information

Company

DIP Holding

Market

Dubai Financial Market

Company activity

DIP Holding is a DIFC-incorporated public company wholly owned by Dubai Investments PJSC. It is the sole shareholder of Dubai Investments Park Development Company (DIPDC), which operates Dubai Investments Park, spanning 23 million sqm.

Company's share capital

AED 1,735.24 mln

Number of shares

8,676.22 mln

Nominal value per share

AED 0.20 

Shareholders

All offered shares are existing shares held by Dubai Investments PJSC, which reserves the right to amend the offering size at any time before the end of the subscription period, provided that the second tranche remains at or above 60% of the offered shares and the first, third and fourth tranches do not exceed 40% in aggregate.

Dividend policy

The company intends to pay dividends on a semi-annual basis, subject to the board of directors' recommendation, shareholder approval and the availability of distributable reserves. 

DIP Holding expects to pay annualised cash dividends of AED 700 million, AED 725 million and AED 750 million in respect of FY2026, FY2027 and FY2028, respectively. From 2029 onwards, DIP Holding expects to maintain annualized dividends in line with, or above, the FY2028 level. 

The first post-IPO dividend distribution of AED 350 million, relating to the full second half of 2026, is expected to be paid in April 2027. 

As DIP Holding shares are expected to be admitted to trading on Nov. 11, 2026, eligible shareholders will benefit from a dividend relating to the full H2 2026 period, rather than only the period following admission. 

The remaining dividends are expected to be distributed according to the following schedule: 

- October 2027: AED 362.5 million in respect of H1 2027. 
- April 2028: AED 362.5 million in respect of H2 2027. 
- October 2028: AED 375 million in respect of H1 2028. 
- April 2029: AED 375 million in respect of H2 2028. 
- Thereafter, DIP Holding expects to maintain annualized dividends in line with, or above, the 2028 level. Dividend distributions remain subject to financial performance, capital requirements, market conditions, board approval, and applicable legal and regulatory frameworks.

IPO Details

Offering percentage

20.0%

Number of shares offered

1,735.24 mln 

Eligible subscribers

First Tranche – Individual subscribers offering: Represents 5% of the offered shares, equivalent to 86.76 million shares, allocated to individual subscribers and other eligible investors holding a valid National Investor Number (NIN) with DFM. 

Each successful subscriber will be guaranteed a minimum allocation of 2,000 shares, subject to the terms and limits set out in the UAE Prospectus. The minimum subscription amount is AED 5,000. 

Second Tranche – Professional investors offering: Represents 92% of the offer shares, equivalent to 1,596.42 million shares, allocated to Professional Investors as defined under Capital Market Authority (CMA) regulations. 

The final offer price will be determined through a book-building process based solely on orders received from Second Tranche subscribers.

 
The minimum subscription amount is AED 1 million. 

Third Tranche – Dubai Investments eligible employees offering: Represents 1% of the offered shares, equivalent to 17.35 million shares, allocated to eligible employees of Dubai Investments PJSC and its subsidiaries who meet the eligibility criteria set out in the UAE Prospectus. 

Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 shares at the final offer price, subject to the terms and limits set out in the UAE Prospectus. The minimum subscription amount is AED 5,000. 

Fourth Tranche – Dubai Investments eligible shareholders offering: Represents 2% of the offered shares, equivalent to 34.7 million shares, allocated to eligible shareholders of Dubai Investments as of the record date of Oct. 28, 2026. 

Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 shares at the final offer price, subject to the terms and limits set out in the UAE prospectus. The minimum subscription amount is AED 5,000.

Subscription period

Oct. 27, 2026 to Nov. 3, 2026

Price range

Between AED 1.10 and AED 1.15 per share

Final offered price announcement date

Nov. 4, 2026

Allocation of shares for the first, third, and fourth tranches

Nov. 10, 2026

Refund date

Nov. 10, 2026

Listing date on DFM

Nov. 11, 2026

Shariah compliance

The Internal Shariah Supervision Committees of Emirates NBD Bank and Dubai Islamic Bank have issued pronouncements confirming that, in their view, the Offering complies with Shariah principles. 

Investors should undertake their own due diligence to determine whether the offering is Shariah-compliant for their own purposes.

Price stabilization mechanism

 The selling shareholder appoints xCube LLC as Stabilization Manager, which may, to the extent permitted by applicable laws and DFM trading rules, undertake stabilization transactions with a view to supporting the market price of the shares. 

Additional information

Joint global coordinators

Citigroup Global Markets Limited (Citi), Emirates NBD Capital LLC (Emirates NBD Capital) and HSBC Bank Middle East Limited (HSBC).

Joint bookrunners

- Abu Dhabi Commercial Bank PJSC

- Arqaam Capital

- Dubai Islamic Bank PJSC

- EFG Hermes UAE Limited

Lead receiving bank for subscription applications

Emirates NBD PJSC

Receiving banks 

- Abu Dhabi Commercial Bank

- Abu Dhabi Islamic Capital Limited

- Al Maryah Community Bank

- Dubai Islamic Bank

- Emirates Islamic Bank

- First Abu Dhabi Bank

- WIO Securities

Financial advisor

Al Mal Capital

Listing advisor

Emirates NBD Capital