Dubizzle Group Pauses Landmark IPO Citing Market Conditions

Dubizzle Group, a titan of the region’s digital classifieds landscape, has announced a pause on its highly anticipated Initial Public Offering (IPO) on the Dubai Financial Market (DFM). The decision came just one day before bookbuilding was scheduled to commence, signaling a significant moment of recalibration for the MENA public markets ecosystem.

A Regional Tech Powerhouse

For millions across the MENA region, particularly in the UAE, Dubizzle Group’s platforms are an integral part of daily life. The group, which includes powerhouse brands like Dubizzle and the property portal Bayut, serves over 18 million monthly active users and generates approximately 54 million monthly sessions across the UAE, Saudi Arabia, Egypt, and other GCC markets. Its market dominance is clear, holding roughly 65% of traffic market share in UAE property classifieds and commanding an impressive 87% of revenue market share in autos.

Impressive Financial Momentum

The decision to delay the IPO came as a surprise given the company’s robust financial health. Dubizzle Group has demonstrated remarkable growth, increasing its annual revenues by 75% over the past three years, climbing from $104 million in 2022 to $183 million in 2024. This growth was accompanied by increasing profitability, with adjusted EBITDA margins expanding from 25% in FY 2022 to 34% in FY 2024, and reaching 46% in the first half of 2025. These figures paint a picture of a mature, cash-generating business poised for a public debut, with the UAE currently accounting for 89% of its total revenue.

A Maturing Market’s Reality Check

In its official statement, Dubizzle Group cited the need to assess market conditions and find the “optimal timing” for its listing. This cautious approach reflects a broader shift in regional investor sentiment, which has become more selective and valuation-conscious. Recent listings, such as Alec Holdings and Lulu Retail, have traded below their offer prices, underscoring a new market discipline. Josh Gilbert, Market Analyst at eToro, noted that this trend signals a “healthy recalibration in the market, where strong fundamentals will ultimately determine which listings succeed.” Backed by Prosus NV, which had committed $100 million to the offering, Dubizzle Group’s strong financial position affords it the flexibility to wait for a more favorable market window.

About Dubizzle Group

Dubizzle Group is a leading classifieds platform in the MENA region, operating several well-known online marketplaces. Its portfolio includes Dubizzle, a general classifieds site for goods, jobs, and services, and Bayut, a premier real estate portal. The group aims to build, scale, and operate market-leading digital platforms to facilitate transactions and create value for users and businesses across multiple verticals.

Source: Zawya