DIP Holding Plc (“DIP Holding”), a subsidiary of Dubai Investments PJSC (“Dubai Investments” or “Selling Shareholder“), today announces the offer price range per share (the “Price Range“) and the start of the subscription period for its initial public offering (the “IPO” or the “Offering“) on the Dubai Financial Market (“DFM“).

DIP Holding is a DIFC-incorporated public company and the sole shareholder of Dubai Investments Park Development Company (“DIPDC”), which operates Dubai Investments Park (“DIP”, or the “Park”), a 23 million sqm infrastructure-like ground rent and services platform providing long-term infrastructure-enabled ground leases across logistics, industrial, residential and commercial uses.

DETAILS OF THE OFFERING PRICE RANGE 

The Price Range for the Offering has been set at between AED 1.10 and AED 1.15 per share, implying a market capitalisation at listing of between AED 9.5 billion (US$ 2.6 billion and AED 10.0 billion (US$ 2.7 billion).

A total of 1,735,243,300 Offer Shares, equivalent to 20% of DIP Holding’s issued share capital, will be offered by the Selling Shareholder, resulting in a total Offering size of between AED 1.9 billion (US$ 520 million) and AED 2.0 billion (US$ 543 million).

All Offer Shares are existing shares being sold by Dubai Investments PJSC, which will receive the proceeds from the Offering. Following completion of the Offering, and assuming no change to the Offering size, the Selling Shareholder will retain an 80% stake in DIP Holding.

The Selling Shareholder reserves the right to amend the size of the Offering and the size of any tranche at any time prior to the end of the subscription period, at its sole discretion, subject to applicable UAE laws and approval by the Capital Market Authority in the UAE (“CMA“).

Based on the dividend policy set out in the UAE Prospectus, DIP Holding expects to pay annualised cash dividends of AED 700 million, AED 725 million and AED 750 million in respect of the financial years ending 31 December 2026, 2027 and 2028, respectively. The Company intends to pay dividends on a semi-annual basis, subject to the Board of Directors’ recommendation, shareholder approval, the availability of distributable reserves and other applicable considerations.

The first post-IPO dividend distribution of AED 350 million, relating to the full second half of 2026, is expected to be paid in April 2027. Accordingly, eligible shareholders will benefit from a dividend relating to the full H2 2026 period, rather than only the period following admission. The Company subsequently expects to distribute AED 362.5 million in October 2027, in respect of H1 2027, and AED 362.5 million in April 2028, in respect of H2 2027.

Based on the expected annual dividend of AED 725 million for FY2027, the Price Range implies a dividend yield of approximately 7.27% at the high end and 7.60% at the low end of the Price Range.

Thereafter, the Company expects to distribute AED 750 million in respect of FY2028, payable in two equal instalments of AED 375 million in October 2028 and April 2029. From 2029 onwards, DIP Holding expects to maintain annualised dividends in line with, or above, the FY2028 level.

SUBSCRIPTION PROCESS

As previously announced, the Offering consists of four tranches:

• Individual Subscribers Offering (First Tranche): 5% of the Offer Shares, amounting to 86,762,165 shares, allocated to Individual Subscribers and other eligible investors holding a valid National Investor Number (“NIN“) with the DFM. Each successful subscriber will be guaranteed a minimum allocation of 2,000 shares, subject to the terms and limits set out in the UAE Prospectus.

• Professional Investors Offering (Second Tranche): 92% of the Offer Shares, amounting to 1,596,423,836 shares, allocated to Professional Investors as defined under CMA regulations. The Final Offer Price will be determined through a book-building process based solely on orders received from Second Tranche subscribers.

• Dubai Investments PJSC Group Eligible Employees Offering (Third Tranche): 1% of the Offer Shares, amounting to 17,352,433 shares, allocated to eligible employees of Dubai Investments PJSC and its subsidiaries. Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 Shares at the Final Offer Price, and subject to the terms and limits set out in the UAE Prospectus.

• Dubai Investments PJSC Eligible Shareholders Offering (Fourth Tranche): 2% of the Offer Shares, amounting to 34,704,866 shares, allocated to eligible shareholders of Dubai Investments PJSC as of the record date of 28 October 2026. The last trading day to acquire Dubai Investments PJSC shares to qualify for this tranche was 26 October 2026. Each successful subscriber will be guaranteed a minimum allocation of 5,000 shares, provided their subscription amount is sufficient to purchase at least 5,000 Shares at the Final Offer Price, and subject to the terms and limits set out in the UAE Prospectus.

The Selling Shareholder reserves the right to amend the size of any tranche prior to the end of the subscription period, subject to applicable UAE laws and CMA approval, provided that the Second Tranche remains at or above 60% of the Offer Shares and the First, Third and Fourth Tranches do not exceed 40% in aggregate.

The subscription period starts today, 27 October 2026, and closes on 3 November 2026 for all four tranches. The Final Offer Price will be determined following completion of the book-building process and is expected to be announced on 4 November 2026.

The completion of the Offering and Admission of ordinary shares to trading on the DFM are currently expected to take place on or around 11 November 2026, subject to market conditions and obtaining the relevant regulatory approvals.

Pursuant to the underwriting agreement entered into between the Company, the Selling Shareholder and the Joint Bookrunners (the “Underwriting Agreement”), the Selling Shareholder and the Company will each be subject to a lock-up period of 180 days following admission, subject to customary exceptions.

Details of the Offering are available in the Arabic and English language UAE Prospectus with respect to the First, Third and Fourth Tranches and the English-language International Offering Memorandum with respect to the Second Tranche. The UAE Prospectus and the International Offering Memorandum are available at ipo.dipark.com.

PRICE STABILISATION

In connection with the Offering, the Selling Shareholder has appointed xCube LLC as (“the Stabilisation Manager“), which may, to the extent permitted by applicable laws and the DFM Trading Rules, undertake stabilisation transactions with a view to supporting the market price of the shares.

A total of 173,524,330 Offer Shares, representing 10% of the Offering (the “Stabilisation Shares“), will be allocated to investors as part of the normal allocation process. If the share price falls below the Final Offer Price during the period commencing on the first day of trading on the DFM and ending no later than 30 calendar days thereafter, the Stabilisation Manager shall use the proceeds from the sale of the Stabilisation Shares to purchase up to an equivalent number of shares in the market at or below the Final Offer Price. The Stabilisation Manager will disclose the extent of any stablisation transactions to the market in accordance with the DFM Trading Rules.

SHARIAH COMPLIANCE

The Internal Shariah Supervision Committees of Emirates NBD Bank PJSC and Dubai Islamic Bank PJSC have issued pronouncements confirming that, in their view, the Offering is compliant with Shariah principles. Investors should undertake their own due diligence to determine whether the Offering is Shariah-compliant for their own purposes.

IPO ADVISERS AND RECEIVING BANKS

Citigroup Global Markets Limited (“Citi”), Emirates NBD Capital LLC (“Emirates NBD Capital”) and HSBC Bank Middle East Limited (“HSBC”) have been appointed as Joint Global Coordinators. Abu Dhabi Commercial Bank PJSC (“ADCB”), Arqaam Capital Limited (“Arqaam”), Dubai Islamic Bank PJSC (“DIB”) and EFG Hermes UAE Limited, acting in conjunction with EFG Hermes UAE LLC (“EFG”), have been appointed as Joint Bookrunners, together with the Joint Global Coordinators.

Al Mal Capital PSC has been appointed as Financial Advisor, while Emirates NBD Capital LLC has also been appointed as Listing Advisor.

Emirates NBD Bank PJSC has been appointed as the Lead Receiving Bank. Other participating Receiving Banks and their subscription channels are set out in the UAE Prospectus and the Offering materials. Emirates NBD Bank PJSC’s IPO call centre can be reached at 800 ENBD IPO (800 3623 476).