DIP Holding PLC, a subsidiary of Dubai Investments PJSC, has announced an Initial Public Offering (IPO) on the Dubai Financial Market (DFM).
The offering comprises 1,735,243,300 existing ordinary shares, representing 20% of DIP Holding's issued share capital.
*Based on the official IPO Prospectus, Intention to Float statement and Dubai Investments announcement dated 19 October 2026. All expected dates and terms are subject to change.*
1. IPO Overview
The offering is a secondary share sale. DIP Holding will not issue new shares or receive the IPO proceeds.
2. Key IPO Dates
3. IPO Tranche Structure
The Selling Shareholder may amend tranche allocations subject to applicable regulations and required approvals.
4. First Tranche — Individual Investors
- Available to qualifying individual and other eligible investors.
- Additional subscriptions are made in AED 1,000 increments.
- No specified maximum subscription amount.
- Subscription period: 27 October to 3 November 2026.
- The minimum guaranteed allocation is subject to the subscriber's application size and tranche allocation limits.
5. Second Tranche — Professional Investors
This tranche is reserved for qualifying Professional Investors under the applicable Capital Market Authority regulations.
The final IPO offer price will be determined through a bookbuilding process based on orders received from this tranche.
6. Third Tranche — Eligible Employees
- Reserved for qualifying employees of Dubai Investments PJSC and its subsidiaries.
- Employee details must be provided to the Lead Receiving Bank on or before 30 October 2026.
- Additional subscriptions must be in increments of at least AED 1,000.
- No specified maximum subscription amount.
- The minimum guaranteed allocation cannot exceed the number of shares applied for and remains subject to the available tranche allocation.
7. Fourth Tranche — Dubai Investments Shareholders
This tranche is reserved for qualifying individual shareholders of Dubai Investments PJSC.
Investors must have acquired Dubai Investments shares by 26 October 2026 to meet the stated shareholding eligibility requirement.
The guaranteed allocation is conditional on the subscription amount, number of shares applied for and total available tranche shares.
8. IPO Price, Valuation and Proceeds
- The IPO price will be denominated in AED.
- Pricing will be determined through institutional bookbuilding.
- The monetary IPO issue size and implied valuation cannot be calculated until the offer price is announced.
- The AED 0.20 nominal share value is not the IPO offer price.
- IPO net proceeds will be received by Dubai Investments PJSC, not DIP Holding.
- Dubai Investments has stated that proceeds will largely support business expansion and general corporate purposes.
9. Ownership Structure
| Holder | Before IPO | Expected After IPO |
|---|---|---|
| Dubai Investments | 100% | 80% |
| IPO Investors | 0% | 20% |
Dubai Investments is expected to remain the controlling shareholder following the IPO, assuming the offering completes without changes.
10. Company Overview
DIP Holding PLC is the sole shareholder of Dubai Investments Park Development Company LLC (DIPDC), which operates Dubai Investments Park.
Dubai Investments Park is an established mixed-use development accommodating:
The company operates primarily through long-term ground leases, subleasing arrangements and ancillary services.
11. Dubai Investments Park — Operational Profile
Operational figures as at 30 June 2026 unless otherwise indicated. Ground lease occupancy averaged approximately 98% during 2020–2025. Approximately 99% of leases have terms of at least 30 years.
12. Strategic Location
Dubai Investments Park is located between Jebel Ali Port and Al Maktoum International Airport.
The location provides access to major logistics, transportation and industrial infrastructure within Dubai's southern growth corridor.
13. Business Model
The business is described as capital-light because tenants generally fund the construction of their own buildings and facilities.
14. Historical Financial Performance — FY 2023 to FY 2025
All monetary figures in AED million.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 838 | 892 | 960 |
| Ground Rent | 572 | 604 | 593 |
| Subleasing | 106 | 115 | 150 |
| Ancillary | 159 | 173 | 216 |
| Adjusted EBITDA | 569 | 631 | 678 |
| EBITDA Margin | 68% | 71% | 71% |
| Net Profit | 664 | 957 | 1,093 |
| Cash Conversion | 98% | 98% | 98% |
Financial figures are from the official Intention to Float statement. Revenue components may differ slightly from totals because of rounding. Adjusted EBITDA and cash conversion are company-defined measures.
15. H1 2026 Financial Performance
AED million unless otherwise stated.
| Metric | H1 2025 Reported | H1 2025 LfL | H1 2026 |
|---|---|---|---|
| Revenue | 483 | 460 | 492 |
| Ground Rent | 313 | 290 | 302 |
| Subleasing | 70 | 70 | 92 |
| Ancillary | 99 | 99 | 98 |
| Adjusted EBITDA | 342 | 326 | 355 |
| EBITDA Margin | 71% | 71% | 72% |
| Cash Conversion | 98% | 98% | 97% |
Reported net profit increased from AED 418 million in H1 2025 to AED 444 million in H1 2026.
Like-for-like (LfL) H1 2025 figures exclude contributions from assets subsequently sold through conversion of operating leases to finance leases in FY 2025.
16. Dividend Policy
DIP Holding intends to adopt a semi-annual cash dividend policy.
The FY 2026 amount excludes the AED 100 million pre-IPO dividend paid to Dubai Investments in September 2026.
From 2029, the company expects annual dividends in line with or above the FY 2028 level.
These are expectations rather than guaranteed distributions. Payments remain subject to relevant approvals, available reserves, cash requirements and financial performance.
17. Expected Dividend Payment Schedule
| Payment Date | Period Covered | Amount |
|---|---|---|
| April 2027 | H2 2026 | AED 350M |
| October 2027 | H1 2027 | AED 362.5M |
| April 2028 | H2 2027 | AED 362.5M |
| October 2028 | H1 2028 | AED 375M |
| April 2029 | H2 2028 | AED 375M |
The first expected post-IPO distribution is AED 350 million in April 2027, covering the full second half of 2026.
Actual dividend declarations and eligibility remain subject to the applicable conditions.
18. Growth Opportunities
| Opportunity | Value | Detail |
|---|---|---|
| Ground Rent Repricing | 10.7M sqm | Contracted repricing pipeline between H2 2026 and 2030, representing approximately 86% of the operating lease ground rent portfolio. |
| Completed Repricing | 0.8M sqm | Leased area repriced during H1 2026. |
| Tenant Repositioning | 184K sqm | Area repositioned to higher-value uses during H1 2026, including nine plots moving from industrial to logistics use. |
The company also identifies increasing subleasing activity and potential longer-term expansion into other strategic locations as growth opportunities.
19. Share Allocation and Refunds
Refunds are generally returned to the account used for the original subscription payment. Certified bank cheque applications follow the applicable cheque-refund arrangements.
The commencement of refunds does not guarantee that every subscriber will receive funds on 10 November.
20. Price Stabilisation
Subject to applicable rules, stabilisation purchases may occur at or below the offer price when the market price falls below it.
Stabilisation does not guarantee the share price or protect investors against losses.
21. Post-Listing Lock-Up
| Item | Detail |
|---|---|
| Selling Shareholder Lock-Up | 180 days from the date of listing, subject to the underwriting agreement and applicable exceptions |
The Intention to Float statement also describes a 180-day lock-up applicable to the company.
22. Shariah Compliance
The Intention to Float statement says the Internal Shariah Supervision Committees of Emirates NBD Bank PJSC and Dubai Islamic Bank PJSC have issued, or are expected to issue, pronouncements regarding the offering's compliance with Shariah principles.
Investors should review the applicable pronouncements and conduct their own assessment.
23. Disclaimer
UAE Stock Talks publishes information for news, education and general information purposes only.
This content does not constitute investment advice, an investment recommendation, an offer to sell securities or a solicitation to subscribe.
The information is based on selected disclosures from the official IPO documents dated 19 October 2026 and is not a replacement for the complete Prospectus.
IPO terms, subscription dates, allocations, dividend expectations and the anticipated listing date may change.
The English Prospectus is a non-certified translation. In the event of any discrepancy, the official Arabic Prospectus prevails.
Investors should review the official Prospectus before making investment decisions.
