Digital classifieds platform Dubizzle Group, the company behind popular websites Dubizzle and Bayut, has postponed its much-anticipated initial public offering (IPO) on the Dubai Financial Market, just a day before the subscription window was due to open.
The company, which had planned to offer 30.34 percent of its shares to investors, did not specify the reasons behind the delay or provide a new schedule for the listing. The announcement comes only ten days after Dubizzle Group first revealed its intention to go public. For more details about the initial announcement, see Connector's story HERE.
In a statement, Dubizzle Group said it had received strong investor interest following its IPO announcement, reflecting market confidence in the group’s profitability and growth potential across the UAE and Saudi Arabia. The company added that it will now reassess market conditions to determine a more suitable time to proceed with the offering.