Particulars of the providing resembling the scale and timing are nonetheless preliminary and should change, the individuals mentioned. Different banks should still be invited to pitch to work on the deal.
Representatives for EMPG weren’t instantly accessible for remark and Rothschild declined to remark.
An IPO by EMPG would check investor urge for food for startups within the UAE the place listings have been dominated by firms in sectors with excessive dividend yields. Globally, tech firms have struggled to lift funds and seen valuations plunge as excessive inflation and rising rates of interest dented urge for food for loss-making, high-growth corporations.
Most up-to-date choices within the UAE have been by state-owned firms, though there are indicators that extra personal and family-owned firms are contemplating them, regardless of market volatility and subdued valuations. Non-public college operator Taaleem Holdings PSC raised $204 million in a Dubai itemizing final 12 months.
Whereas IPOs have struggled in the remainder of the world, choices are holding up within the Gulf. Abu Dhabi’s foremost power firm lately raised $2.5 billion from the itemizing of its gasoline enterprise, the biggest IPO globally this 12 months. That comes after the area had its second-best 12 months on file in 2022 due to an oil value surge, a privatisation drive and political stability.
Remittances and cash change agency Al Ansari Monetary Companies this week priced its $210 million Dubai IPO in one of many first situations of a family-owned companies going public within the UAE. It was providing a dividend yield of just about 8 per cent, one thing most tech firms can’t afford to do.
EMPG owns 10 classifieds portals throughout the Center East, North Africa, and South and Southeast Asia, based on its web site. Lots of its portals are property-focused, together with Bayut. Dubai’s property market has been booming due to the federal government’s dealing with of Covid and liberal visa insurance policies which have attracted overseas consumers.
Final 12 months, EMPG raised $200 million in a spherical led by Jared Kushner’s Affinity Companions. KCK, Acacia Companions and current investor Prosus additionally took half within the funding. On the time the CEO Imran Ali Khan mentioned the corporate would flip its focus to “making ready for an IPO within the close to future”.