Dubai-based classified advertising company Dubizzle Group has appointed Emirates NBD, Goldman Sachs, HSBC, and Morgan Stanley to lead its initial public offering (IPO) planned for 2025.
While Citigroup was initially involved, it has since been replaced by Morgan Stanley and Goldman Sachs, according to a source familiar with the matter.
Preparations are already in progress for a potential IPO valued between $500 million and $1 billion.
The group underwent a rebranding in 2023, previously operating as Emerging Marketplaces Group. In 2022, Dubizzle secured $200 million in a funding round led by Affinity Partners, a US-based firm, which elevated its status to that of a unicorn, indicating a valuation of over $1 billion.
Beyond its flagship Dubizzle platform, the group also runs several other online advertising services, including real estate sites Bayut and Zameen.
