EFG Hermes closes Joint Bookrunner role on DIP Holding's $529m DFM IPO
The owner of Dubai Investments Park raised AED1.94 billion at AED1.12 a share in the first UAE and DFM listing of 2026, with its parent keeping 80%.
EFG Hermes has concluded its role as Joint Bookrunner on the initial public offering of DIP Holding PLC, the company that owns Dubai Investments Park, after its shares listed on the Dubai Financial Market.
The offering was the first IPO in the UAE and the first on the DFM in 2026. DIP Holding trades under the ticker “DIP”. It raised AED1.94 billion ($529 million) through 1,735,243,300 existing ordinary shares, equal to 20% of the company’s issued share capital. Dubai Investments PJSC was the selling shareholder.
The final offer price was AED1.12 per share, set after book-building of the institutional tranche. At that price DIP Holding carries an implied market capitalisation of AED9.7 billion ($2.64 billion). Dubai Investments PJSC, its parent, will hold an 80% controlling stake after the listing.
The asset behind the listing
DIP Holding owns 100% of Dubai Investments Park Development Company LLC, the operating entity of Dubai Investments Park. The park is a 23 million sqm integrated “city-within-a-city” in Dubai’s southern corridor, sitting between Jebel Ali Port and Al Maktoum International Airport. It has roughly 1,000 tenants and 5,700 sub-leases, and is home to more than 150,000 residents. Ground lease occupancy stood at 99.9% as of June 30, 2026.
Karim Meleka, Co-Head of Investment Banking at EFG Hermes, said the bank was “proud” to support the IPO and that its regional and international investor networks had helped connect a “strong regional issuer with global capital.” The transaction, he said, strengthened EFG Hermes’ track record in “landmark equity offerings across the region.”
strong regional issuer with global capital.
The DIP Holding deal came after EFG Hermes executed Banque du Caire’s $658 million IPO on the Egyptian Exchange. EFG Hermes said the two transactions reinforced its leadership in equity capital markets and its part in restoring activity on regional exchanges. MNT-Halan has listed recently, and Trolley and Gourmet completed IPOs earlier this year. The bank said further listings are in the pipeline for before the end of the year and in early 2027.
Allocation and pricing
Christopher Laing, Head of Equity Capital Markets at EFG Hermes, said the partnership with Dubai Investments on the listing reflected a “disciplined placement process,” with the price set through competitive book-building among professional and institutional investors. That group received 92% of the offering. Dedicated tranches were set aside for retail investors, employees and eligible Dubai Investments PJSC shareholders.
Laing said the listing gives issuers considering regional equity capital markets a reference point, and reinforces the UAE’s status as a premier destination for global capital.
For Dubai Investments, the exercise puts a public price on a development it has held for years while leaving control in place. The allocation split matters too. With 92% of the shares going to professional and institutional buyers, the portion that trades day to day will be dominated by large holders rather than retail flow.
