DIP Holding Sets IPO Price Range, Valuing Dubai Investments Park Owner at Up to $2.7 Billion

DIP Holding has set its IPO price range at AED 1.10 to AED 1.15 per share, the company said in a statement. The range values the owner of Dubai Investments Park at between $2.6 billion and $2.7 billion.

Dubai Investments is selling 1.73 billion existing shares, equal to a 20% stake. The sale could raise between $520 million and $543 million.

Subscriptions opened on 27 October and run to 3 November. The final price will be set through bookbuilding and announced on 4 November, with trading on the Dubai Financial Market expected around 11 November.

DIP Holding owns Dubai Investments Park, a 23 million square metre mixed-use development between Jebel Ali Port and Al Maktoum International Airport. The park serves around 1,000 tenants and houses more than 150,000 residents, with ground lease occupancy of 99.9% at 30 June 2026.

The company runs a ground rent and services platform rather than developing and selling buildings. Tenants fund their own buildings while DIP Holding earns recurring ground rent, sub-leasing fees and service income.

Revenue rose from AED 838 million in 2023 to AED 960 million in 2025, and reached AED 492 million in the first half of 2026.

The offering is split into four tranches, with professional investors taking 92% and setting the final price through their orders alone. Individual investors get 5% with a minimum subscription of AED 5,000 and a guaranteed minimum allocation of 2,000 shares, while professional investors must commit at least AED 1 million.

Employees take 1% and existing Dubai Investments shareholders take 2%, with the shareholder tranche limited to investors who held shares by 26 October and a record date of 28 October 2026. Dubai Investments will receive all proceeds from the sale, while DIP Holding itself receives none.

The parent will keep the remaining 80% and cannot sell further shares until May. DIP Holding expects to pay dividends of AED 700 million for 2026, AED 725 million for 2027 and AED 750 million for 2028, with the first post-IPO payment of AED 350 million due in April 2027.

DIP Holding announced its intention to float on 19 October, and the listing is the UAE’s first IPO of 2026. Middle East and Africa equity issuance fell 79% in the first nine months of the year, according to LSEG data, after a market sell-off linked to regional tensions delayed the deal from earlier plans.

DIP Holding and the Dubai Investments Park ecosystem that underpins it are a clear example of a long-term vision realised. Dubai Investments Park has evolved into one of Dubai’s largest integrated mixed-use ecosystems, supported by a diversified tenant base, recurring revenues and strong underlying fundamentals. The proposed IPO represents a natural next step in the Company’s evolution and reflects the maturity, scale and quality of the business.

The quote is from Khalid bin Kalban, vice chairman and chief executive of Dubai Investments and chairman of DIP Holding.

Our IPO marks an important milestone in DIP Holding’s journey and reflects the strength and resilience of our differentiated, infrastructure-like business model. Looking ahead, we see clear opportunities to build on this foundation.

The quote is from Omar Al Mesmar, chief executive of DIP Holding.

Why the pricing matters

The range sits below the AED 11 billion to AED 14 billion valuations pitched to investors before the launch, and below management’s earlier AED 10.8 billion to AED 11 billion view. That gap is the concession investors pushed for as geopolitical tensions weighed on sentiment.

On the guided AED 700 million dividend for 2026, the range implies a yield of about 7%. That sits between the roughly 5% on offer at the top of the earlier range and the 9% some investors pointed to at Emaar.

The structure also matters for who sets the price. With 92% reserved for professional investors and the final price set only by their orders, retail demand will not move the price.

At $520 million to $543 million, the deal would sit between Alec’s $381 million IPO last October and Dubai Residential REIT’s $584 million float. That puts it among the larger recent Dubai listings without matching the biggest.

For Dubai’s IPO pipeline, the deal is a test case. A strong listing could reopen the market after the 2026 drought, while a weak one would confirm that issuers must price lower to get deals done.

We will track subscriptions, the final price on 4 November and the first day of trading.