Dubai: Shares of DIP Holding rose as much as 6.2% on their Dubai Financial Market debut on Wednesday, after the owner of Dubai Investments Park raised approximately Dh1.94 billion ($529 million) in the UAE's first initial public offering of 2026.
The stock climbed to Dh1.19 in early trading from its IPO price of Dh1.12, which valued the company at approximately Dh9.7 billion. Dubai's main stock index was little changed during early trading.
The listing follows a slowdown in regional IPO activity amid the conflict involving Iran, which began in late February and has weighed on Gulf equity markets.
DIP's offering attracted orders worth approximately four times the shares available, according to Chairman Khalid bin Kalban. Parent company Dubai Investments sold a 20% stake in the business.
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Saudi PIF, Blackstone among investors
Saudi Arabia's Public Investment Fund and a unit of US investment firm Blackstone participated in the offering, Bloomberg reported, citing people familiar with the transaction.
Most investors were based in the UAE, while the order book also attracted demand from Saudi Arabia, Oman, the UK and Norway, bin Kalban told Bloomberg Television.
Local family offices, including major shareholders in Dubai Investments, and Al Tayer Group also participated, according to Bloomberg.
